Houston 2Q14 Housing Survey: Strong Employment Growth Continues to Fuel Housing Demand
September 10, 2014
September 2014: Metrostudy has released results from its 2Q14 survey of the Houston housing market, and for eight consecutive quarters we have seen an increase in the annual starts rate. The quarterly starts rate in Houston rose 16% to 7,977, and was up 3.5% when compared to the second quarter of 2013. The annual starts rate increased 1%, to 28,990 over the previous quarter, and up 10% from the second quarter of 2013.
The annual closing rate was up 13% from a year ago, the strongest level since the second quarter of 2008. Finished, vacant home supply continues to be constrained. The Houston market was at 2.7 months of supply.
“Houston’s housing market continues to outperform. We are seeing strong pricing appreciation and low levels of inventory of finished product and vacant developed lots,” said Scott Davis, Regional Director for Metrostudy’s Houston Market. “After five and half years of strong job growth, the real challenge for builders in Houston’s new housing market is finding affordable lots in desirable locations.”
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This post was written by Sandcastle Homes