Hello everyone,

We wanted to share some good news about our Houston real estate market. Home prices (and consequently lot and land prices) continue to rise. The median price increased 11.3 percent over the past year (Houston Association of Realtors). This is a consequence of a housing shortage in both apartments and housing albeit new or re-sale. The shortage is being exacerbated by job and population growth.

We have pulled a few of the salient points from articles that support this news and that I feel you may find of interest:

The Economics Underlying the Boom in Texas/Urban Land

http://urbanland.uli.org/infrastructure-transit/economics-underlying

• In the past year Houston’s population increased by 137,692 people.

• Over the past four years, Texas has added 1.2 million jobs.

 

Lot deliveries in Dallas-Fort Worth surge to the highest level since 2008/MetroStudy Report.com

http://www.metrostudyreport.com/lot-deliveries-in-dallas-fort-worth-surge-to-the-highest-level-in- since2008/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+MetrostudyReport+%28Metrostudy+Re port%29

• Annual new home starts are up slightly from 28,721 (1Q 2014) to 28,986 (2Q 2014). Home starts are restricted by an under-supply of lots and housing labor.

• Finished new home inventory in Houston is 1/2 what it should be. The housing market is still supply constrained.

• Vacant developed lots are down from 37,711 to 36,312. Lot development is still not catching up or even keeping up.

 

Houston home sales stage rebound in June/The Courier of Montgomery County

http://www.yourhoustonnews.com/courier/news/houston-home-sales-stage-rebound-in-june/article_f8573126-0d03-57e2- 8c89-2b7028f253b4

• Houston housing inventory is the lowest in 40 years.

• Days on Market, or the number of days a home takes to sell, reached the lowest level of

  all time.