Houston real estate market receives boost from jobs, inventory

Higher employment rates have led to a better real estate market in Houston.According to a recent report conducted by Metrostudy, which compiled national housing data, the economy in Houston is undergoing a revival, boosted by an increase in jobs, real estate inventory and more.Year-over-year, 50,700 more jobs were available in Houston in February 2011, representing a 48 percent increase.”Job growth does more than increase the workforce,” said David Jarvis, director of Metrostudy’s Houston division. “These gains have potential to boost consumer confidence so they can plan long term goals.”The increased number of available jobs directly affected the Houston real estate market as well. Resale home figures soared during Q1 2011, with 10,670 closings taking place. The resale inventory is up to 7.6 months of supply.Construction on more than 3,700 homes in the Houston area took place during the quarter, which is slightly down from Q1 2010, however, residents had received a tax credit during that time. Overall, annual closings have outpaced starts since the first quarter of 2007, which had hampered the inventory until now.”As new home demand stabilizes, Metrostudy expects the gap between starts and closings to narrow going forward,” said Jarvis.According to the Houston Association of Realtors, the average price of resale homes in the area in March was up 3.3 percent compared to March 2010.?Courtesy of 2M Realty News

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