The oil patch may be slipping, but in Houston, the housing market is doing just fine and is poised to do even better. That according to this report from the Houston Business Journal.
Despite the oil slump, Houston’s housing market faces its best years yet.
Mark Dotzour, former chief economist for Texas A&M University’s Real Estate Center, shared this message to hundreds of developers, homebuilders and contractors gathered for the Greater Houston Builders Association’s midyear economic forecast on May 24.
Houston’s economy — particularly its housing market — has remained surprisingly resilient, even as energy companies declare bankruptcies, cut thousands of jobs and shut down rigs, Dotzour said.
“It’s stunning, astonishing, astounding,” Dotzour said. “It’s amazing how resilient the housing market is in Houston when you’re in the middle of a root canal.”
Unlike previous economic downturns, Houston’s single-family housing market is not overbuilt. Houston posted a 3.6-month home inventory in April, still well below the 6-month mark, which indicates a healthy, balanced market, Dotzour said.