Economic projections early in 2012 estimated that the Houston metropolitan area would add more than 90,000 new jobs that year. Experts said the growth could contribute to a higher real estate occupancy rate and to further development of the commercial real estate market overall, particularly in the vicinity of the city’s Energy Corridor.
Population growth and residential home prices in Houston continued their upswing into the last months of the year. Sales of condominiums and townhouses late in 2012 rose by more than 40 percent over the same period in 2011, and closings on single-family homes also soared. In October of 2012, the median price for a Houston-area home stood at just over $160,000, a rise of nearly 9 percent. Real estate professionals began to define the business climate for the end of 2012 and into the new year as a seller’s market, particularly in upscale neighborhoods on the city’s west side.
In the closing weeks of 2012, as the “fiscal cliff” loomed with anticipated cuts in federal spending and increases in taxes, real estate professionals saw the Houston housing market emerging without a dramatic downturn. Even during the last few years of economic slowdowns elsewhere in the country, the city’s real estate industry stayed relatively robust, thanks to a strong-performing energy sector and the lack of overbuilding.
Jerald Turboff, President of real estate brokerage and investment company Prime Capital Corporation, provides a variety of consulting, developing, and financial management services to clients throughout the Houston area and beyond.
Population growth and residential home prices in Houston continued their upswing into the last months of the year. Sales of condominiums and townhouses late in 2012 rose by more than 40 percent over the same period in 2011, and closings on single-family homes also soared. In October of 2012, the median price for a Houston-area home stood at just over $160,000, a rise of nearly 9 percent. Real estate professionals began to define the business climate for the end of 2012 and into the new year as a seller’s market, particularly in upscale neighborhoods on the city’s west side.
In the closing weeks of 2012, as the “fiscal cliff” loomed with anticipated cuts in federal spending and increases in taxes, real estate professionals saw the Houston housing market emerging without a dramatic downturn. Even during the last few years of economic slowdowns elsewhere in the country, the city’s real estate industry stayed relatively robust, thanks to a strong-performing energy sector and the lack of overbuilding.
Jerald Turboff, President of real estate brokerage and investment company Prime Capital Corporation, provides a variety of consulting, developing, and financial management services to clients throughout the Houston area and beyond.
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