The Houston housing market kicked off 2016 with a strong month of sales, only about 2 percent off the January record.
This is good news in the housing industry as many feared a decline due to strains in the energy industry.
"A lot of folks have nervously anticipated that falling oil prices would have a devastating effect on real estate, but so far, the Houston market has weathered the energy downturn without dramatic shifts in sales and pricing,” said Houston Association of Realtors (HAR) Chairman Mario Arriaga with First Group.
January Real Estate Numbers for Houston
- Single-family homes priced between $150,000 and $250,000 saw year-over-year sales increase by nearly 9 percent
- Total property sales remained unchanged
- An increase in new listings helped buoy a growth in inventory from a 2.5-months supply to 3.3 months
- The most noticeable impact has been declines in the luxury market
In jobs, the Greater Houston Partnership (GHP) reports that 23,200 jobs were added across the Houston metropolitan area in 2015, an increase of less than 1 percent, according to the Texas Workforce Commission. GHP is forecasting the creation of approximately 22,000 jobs in 2016.
Read the full report in the latest MLS report from Houston Association of Realtors (HAR).