In this month’s Greater Houston Home Builders e-newsletter they published a Metrostudy Reports: Houston Housing Market Achieves Balance and Sustained Growth. This is what was written:
Supply and demand fundamentals have returned to every facet of the Houston housing market, building confidence in the successes of the first nine months of 2012, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.
Greater Houston continues to rank among the top job growth markets in the country, adding another 89,500 jobs in the trailing twelve months ending in August 2012.”Though Houston was outpaced in terms of total job growth by New York City and Los Angeles, the consistency of its job growth remained as the market has grown, annually, over 3% for much of the last twelve months,” said David Jarvis, director of Metrostudy’s Houston division. The unemployment rate in August was 7%, which is 1.4 percentage points better than a year ago.
Houston’s resulting annual starts pace in 3Q12 was 22,371, surpassing the activity spurred by the federal home buyer tax credit two years ago. “Much of the growth in new home activity has occurred in the upper price points over the last five quarters, though recently the lower price points have shown signs of growing demand,” said Jarvis. In 3Q12, Houston builders started 17% more home under $175,000 than they did in 3Q11, proving that despite the restrictive mortgage qualifying process, consumers are willing to go through the process for a new home. Houston home builders closed 6,014 new homes in3Q12, an 11% increase from 3Q11, when the Houston market began its recovery. The annual closings count rests 15% higher in 3Q12 with builders closing 20,867 homes since October 2011.
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