Homebuilders in Houston started a project of constructing over 7,000 houses in the 2nd quarter of this year. For the last five years, this is actually the first time when the number of houses built has exceeded this number.
As of now, the construction of new homes in the region is proceeding swiftly, which is why the limit has already been crossed with over five months to spare in the year. All the building projects were initiated in the second quarter of 2013. A Houston research firm, Metrostudy conducted a survey that the number of homes built in this year has experienced an increase of almost 14% when compared to last year.
Houston is already witnessing a growth in population and employment. These two factors have strengthened the real estate market as well, particularly in terms of new construction. The vice president of the Greater Houston Partnership, Patrick Jankowski, stated that the Houston real estate market has experienced tremendous growth in the last twelve months or so. This progress has resulted in the creation of over 111,000 jobs which implies that there are almost 111,000 homeowners as well.
For the current year, homebuilders have initiated almost 26,000 homes which is almost 24 percent more than last year. Considering the period before recession, this is the highest tally as well.
Moreover, when the second quarter reached an end, almost 9,800 homes were being constructed. Compared to the first quarter, this is a massive increase of 19.2 percent. While growth stats and constructions show an increase, a decline can be observed in the number of vacant homes. By the end of the second quarter, the number of homes in which there are no residents has decreased by 6 percent. If all the past stats are considered, this is among the lowest values. The survey conducted by Metrostudy also analyzed the fact that most of the builders had already sold off their houses before construction was finished. Another variable which shows a slight dip is the lot supply. There are several communities that are facing a shortage of supply, but most of these have already been sold. In April, this value became 3.4, which is the lowest for the last thirteen years.
The upsurge in the construction market has also created more business for mortgages and brokerages.
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