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With modest growth in existing home sales in early 2011 and solid employment figures, the Houston real estate market is more stable than most.
When the Labor Department released an abysmal jobs report for the nation last week, the Federal Reserve Bank of Dallas issued a separate report on Houston, which showed home prices rebounding "slightly to $151,220," while employment grew at an annualized rate of 3.2% in May with the greater Houston economy containing 2.57 million jobs.
"Should that pace continue in the second half of 2011, Houston will have added nearly 84,000 jobs this year," according to the Dallas Fed.
The Dallas Fed said economic activity in the greater Houston area rose at an annual rate of nearly 5.6% in May, making it a market that has dodged the more dire reports coming out of other metropolitan areas.
Though the market is stable, "new single-family home sales have yet to convincingly move into a positive growth trend on a seasonally adjusted basis," the Fed said in its report. The Fed also noted an uptick in multifamily construction driven by an influx of job seekers to the area.
KERRI PANCHUK
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