The Houston Real Estate; Market Outlook and Key Players
US Market Outlook
The 2015 US economic outlook has become brighter than ever, especially in key economic segments such as housing sector. The economy is peaking steam, with strong growths in employment numbers among first-time homebuyers. In 2015, the US home sales is expected to grow by 9 percent on average. Although the volatile oil prices may alter the real estate landscape in terms market prices. The markets with the highest home prices are expected to register strong growth in line with the existing bright economic outlook. On the lower end of the market, analysts expect low-end home prices to grow more steadily compared to those on the higher-end of the market in the country’s leading 25 real estate markets. This development is likely to be affected by lack of new construction and tight market supply.
The Houston Real Estate Market
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Indeed 10 years ago, downtown Houston was more of a ghost town after work hours, but this has all changed as the city turns into a 24 hour working city. The growth being witnessed in downtown Houston is expected to claim a lion’s share of the real estate growth in the city. Statistics indicate that the city Houston added 120,000 new jobs in 2014, this is something the city has replicated very few times in the past. During the same period, the mortgage interest rates stood at around 4 percent under the spell of tight inventory in homes-for-sale. The Houston Association of Realtors reported that in October, 2014 the city had 6,639 single-family homes for sale; this was the strongest October in the city’s real estate