Houston Home Prices Taking Off

Houston Home Prices Taking Off

Houston’s real estate markets, both commercial and residential, have just finished an exceptionally strong year and conditions remain positive as we sail into 2013. The inventory of homes for sale is at a 12-year low and local home builders say there’s a shortage of lots to build on. Rental rates are also way up throughout the city; office towers, apartments, warehouses and even for people who are leasing single-family homes. Job growth is huge with corporations like Exxon Mobil and Chevron moving tons of people to Houston. Trulia, a major national real estate listing company, just ranked Houston as the healthiest realty market in the country. Investors from around the world are focused on the city, which has forever solidified its nickname of Energy Capital of the World.  According to the long-time guru of local home price stats, Evert Crawford of the University of Houston’s Institute for Regional Forecasting, Houston home prices will rise as much as 5 percent in 2013. Houston has a tiny four-month supply of homes for sale, the lowest since December 2000, the Houston Association of Realtors says. It’s basic economics: supply is low and demand is high. Fasten your seat belt, home prices are taking off.

 


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Phone: 281-682-6069
Dated: January 8th 2013
Views: 1,183
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