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Home Sales Grow As Office Leasing Gets Worse
The Houston Chronicle and the Houston Association of Realtors Houston are reporting big home sales growth. In the past, the oil slump stagnated the Houston home market. I think that is because Houston is not as dependent on oil as it once was plus growing interest rates from the Fed. These things are powering the need to buy a home now. Not only are home sales up but home prices are climbing too. But office space is going the opposite direction. Over the last few years it's become a tenants market as the office space glut pushes larger vacancies and lower prices.
The positive data from the Houston Association of Realtors show housing benefiting from pent-up demand even as the local economy deals with uncertainty in the oil business. Actually the housing market correction from the oil downturn has long passed. My suggestion is to buy now if you want a house. The Fed is predicted to raise interest a quarter point every quarter and home prices are on the rise.
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