Thanks to Houston’s strong economy and low mortgage rates, the real estate market in the city reached record highs for home sales in 2014. The Houston Association of Realtors estimated that over 75,000 homes were sold last year, which is the highest in the city’s real estate history. Houston home builders are continuing to try to appease the supply and demand for homes in the area; over 125,000 new jobs were created last year that upped the demand significantly.
But, how will the recent decline in oil prices affect the Houston real estate market?
This decline in prices will mean that job growth will not be as generous for 2015. However, so far, real estate experts predict that there seems to still be a steady buyer’s market in Houston. Due to relocations and career opportunities, the job market seems to be holding steady. In addition, mortgage rates are continuing to decrease, which is an encouraging sign for the real estate market. Therefore, although the energy business is down, the Houston real estate market seems to be unfaltering, and it is predicted to stay consistent in home sales.