It was a busy week in Houston real estate, as is so often the case. But if you weren’t able to keep up with everything, don’t worry; we’ve got you covered. Here’s what happened:
- Construction job losses – A new report from the Houston office of Dallas-based Stream Realty Partners LP illustrated the affect low oil prices are having on the city’s building market. The report projects Houston to lose 10 to 20 percent of construction jobs by 2018.
- Houston peaked in 2014 – MetroStudy released its quarterly report, detailing the state of the Houston market over the first three months of 2016, and the findings were both grim and hopeful. New home starts fell 10 percent year-over-year, dropping the city’s single-family market to No. 2 statewide behind Dallas. Lawrence Dead, director of Metrostudy’s Houston market, said that the group is expecting an additional 10 percent this year and only modest gains in 2017 and 2018. He added: “The market appears to have peaked this cycle in the fourth quarter of 2014.” The good news to come out of MetroStudy’s report is that Houston builders are producing more new homes in the affordable $200,000 to $300,000 range.
- The city’s Millennials are staying home – The trend of young people living with their parents for longer spans the nation, but in Houston, the most recently recorded levels are higher than anytime over the last decade, a new report from Zillow stated. The data covers the period from 2005 to 2014, and found that the share of Houston Millennials living with their parents has jumped from 13.2 percent in 2005 to 17.6 percent in 2009 to 21.2 percent in 2014 – which was just over the national average of 21 percent. Researchers described these Millennials as “boomerang kids” and warned that they “probably won’t be buying their own place anytime soon.”