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Tag Archives: Oil Prices and Houston Real Estate

Colliers: Houston Sublease Space Soars to 9.2 Million SF

HOUSTON – Houston’s supply of sublease office space rose to 9.2 million square feet in the first quarter as shrinkage in the energy industry combined with a robust construction pace has damaged the office market, Colliers International reports. Houston’s sublease supply stood at 3.8 million SF at the end of 2014 before energy companies began shedding their excess office space. ... Read More »

Boosted By Population Growth, Houston Home Sales Continue to Churn, Despite Energy Crash

HOUSTON – Houston’s home sales, boosted by robust population growth, are keeping pace with last year, despite the downturn in the energy industry. Last year was one of the strongest years on record for Houston home sales, so the 2016 market is showing resiliency and strength by keeping up with 2015. The Realtors said the $150,000 to $250,000 price band ... Read More »

Houston Housing Market Ekes Out a 2.2 Percent Gain, the First Since Sept.

HOUSTON — The Houston real estate market eked out a 2.2 percent gain in single-family home sales in February, the first gain since in sales volume since September of last year, the Houston Association of Realtors reported Wednesday. The association reported that the softness in the Houston market appears to be focused on the upper-end homes. Single-family homes priced between ... Read More »

Houston was No. 1 in Nation in Home Building Last Year; Dallas was No. 2

HOUSTON – Houston led the nation in home building in 2015 with Dallas and Austin also cracking the Top Ten, according to the U.S. Census Bureau. Houston had 38,315 single-family building permits last year, leading the second-place Dallas/Fort Worth which had 22,550. Atlanta was No. 3 in home building last year, with 16,984 building permits. Other Top Ten markets: Washington, ... Read More »

Falling Prices Hurt Houston Home Sales, But 2015 was the Second-Best Year Ever

HOUSTON – Last year was second-best year for home sales Houston, where a decline in the energy industry has battered the region’s economy in recent months. According to the Houston Association of Realtors, 73,724 single-family homes were sold last year, down 2.4 percent from the 75,535 homes sold in 2014. Inventories had been tight and Houston’s job growth had been exceptionally ... Read More »

Best August Ever for Houston Home Sales, Despite Last Month’s Plunging Oil Prices

HOUSTON – The Houston Association of Realtors reported 7,454 single-family homes were sold last month – the best August on record and the eighth best month ever for the city’s housing market. Sales so far this year indicate that homes are selling at the nearly same pace as last year –an impressive rate considering that 2014 was the best year ... Read More »

Houston Forecast: Economist’s Gloomy 2015 Prediction Will Be Wrong – Again

Editor’s Comment by Ralph Bivins:  Bill Gilmer, director of the Bauer Institute for Regional Forecasting at the University of Houston, delivered an incredibly gloomy economic forecast last week.  Gilmer told a crowd at the Hyatt Regency that as few as 13,000 jobs will be created in Houston in 2015. Before we dive into a panic, take a minute to consider ... Read More »

Best April Ever for Home Sales in Houston, Despite Energy Gloom

HOUSTON – Last month was the strongest April ever for home sales in Houston, despite a downturn in the energy industry, which has prompted local economists to issue gloomy forecasts. But so far, local housing continues to outperform in 2015. Houston recorded the strongest April ever with record-high prices and a record number of homes sold for an April, according ... Read More »

Bulletproof: Despite Oil Crash, Texas Home Sales Surge in First Quarter; Inventory at All-Time Low

AUSTIN – The Texas residential markets remained immune to the drastic fall in oil prices, as the Lone Star State posted exceptionally strong home sales in the first quarter of 2015, the Texas Association of Realtors reported. The inventory of homes for sale fell to an all-time low. With oil falling from $107 a barrel last summer to less than ... Read More »

JLL’s Dan Bellow: Landlords Cut Rents as Houston Becomes a Tenants Market Again

HOUSTON – Long-time Houston broker Dan Bellow, president of Jones Lang LaSalle-Houston, says some Houston office buildings owners have reduced rents and overall rental rates are under pressure as Houston’s office market has become a “tenants’ market.” With energy company cutbacks and oil patch layoffs, oil companies are putting excess Houston office space  – some of it in brand new ... Read More »

What Oil Bust? Houston Home Sales Surge in January

EDITORS NOTE: Houston has a 2.6 months supply of homes for sale, which is near a record low. The energy industry downturn will put pressure on Houston’s housing market this year. But with tight inventory and the creation of 80,000 new jobs, 2015 is going to be another strong year for home sales. There will be no significant drop-off in ... Read More »

Comerica: Low Oil Prices Create an Economic ‘Sea Change’ and 11 Percent Drop in Housing Starts to Houston

HOUSTON – Significantly lower oil prices represent “a sea change” in the Houston economy and will bring about a weaker commercial real estate market and an 11 percent decline in housing starts in 2015, according to economic commentary by Comerica Bank. After creating about 120,000 jobs in 2014, Comerica projects that Houston will add about 82,000 new jobs in 2015. ... Read More »

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