Housing News

City In Focus: Houston, TX

Houston, attractive, urban cityThere’s more than just Bush, cowboys and Astros in Texas’ urban sprawl.

Houston has been gaining continuous praises so far in terms of its property market activity. Two years ago, it ranked first in the US Census Bureau’s Total Housing Market Data with a 14.7 percent increase YoY. Now, it’s second to Dallas in the 2008 second quarter best markets for real estate investing by HomeVestors of America. Just last month, Forbes Magazine cited it as the best metropolitan area to purchase homes topping San Francisco, Charlotte and Jacksonville.

It’s not only NASA that this city has to be proud of. Tech companies like the Houston Technological Center, Savvy, N Tech, Geo-Tech Tool, Corr-Tech and Stone Bond Tech among others have attracted thousands of IT and software workers to move to H-Town. The Bureau of Economic Analysis has also found out a 9.4 percent increase in its residents’ personal income last 2007 attributed to job growth in the past years.

Reed Construction Data lists a number of significant constructions in Harris County that include the $40 million Rotary House International Hotel and two builds already in the bid phase namely the Texas Air National Guard Fire Station and the Residence Inn by Marriott. Businesses which gravitate to the area enjoy lower business taxes in a city that has welcomed investments in health care, aeronautics, manufacturing and technology most of which are Fortune 500 companies.

Add in the multicultural communities, reputed medical centers and universities, glitzy arts scenes, and popular tourist destinations, indeed it has a lot to offer to potential homebuyers. The Houston Association of Realtors recently released a report that despite sliding sales for ten months, June 2008’s 6,113 closed deals on single-family homes were actually the highest record since August of last year. Houston also boasts of record sales in townhouses and condominiums, an indication of stronger showings even if the housing slump has not waned down.

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