marcus-mc-cue

By Marcus McCue
Executive Vice President and Chief Business Development Officer
Guardian Mortgage Company

The national housing market remains strong, and Texas, in many respects, is leading the way with record existing-home sales in Dallas and robust price growth.

Some housing experts were surprised at just how vigorous the Texas housing market was last year. Sales and prices set records in Dallas, and new home construction in the state was the most robust it’s been in several years.

The global oil price slump presents some headwinds, however, and will challenge housing markets in some Texas regions this year. Houston, South Texas and Midland-Odessa already have felt the pinch from low oil prices, and layoffs in the energy sector have begun to ripple through other business sectors.

James Gaines, chief economist for the Real Estate Center at Texas A&M University, noted in a recent report that job losses in the energy industry haven’t stopped and likely will pick up this year. But growth in other industries such as healthcare, technology, business services, construction, and hospitality should help buoy the state’s economy.

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Two new reports from the Local Market Monitor say Midland and Odessa can expect a strong housing market for the next few years.

Two new reports from the Local Market Monitor say Midland and Odessa can expect a strong housing market for the next few years.

More good news about the real estate market in Midland and Odessa: two new reports from Local Market Monitor say the housing market in both markets is strong and should stay that way for the next few years.

According to the reports, home values for Midland are forecast to increase by 8 percent over the next 12 months, compared to a national increase of 4.6 percent. In the second and third years, prices are forecast to increase 9 percent each year.

In Odessa, home values are forecast to increase by 7 percent over the next 12 months, and 9 percent each year in the next two years.

Why this positive outlook on the strong housing market? Jobs!

Read the whole story over at MidlandDirt.com!

 

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This will surprise absolutely no one in Texas. We’ve been saying it until we’re blue in the face, really. But it’s nice to hear someone else tell us that Texas is a hot commodity, and that’s what we gleaned from Allied Van Lines‘ 2014 Magnet State Report, which puts Texas in the No. 1 spot for the 10th year running. The report, which uses internal data from the nationwide moving company, showed a net relocation gain of 1,973 families in 2014.

“Texas has also demonstrated strong population growth (adding 1.3 million new residents since April 2010, according to the U.S. Census Bureau) and has increased non-government jobs by 12 percent since 2007, according to the American Enterprise Institute,” the company’s report said.

We know that demand is far outstripping supply in the Permian Basin area, and in Houston, home values are at record-breaking levels. Here in Dallas, our existing home supply is seeing demand that is higher than pre-recession levels, and homebuilders are working to construct new homes at a break-neck pace. Add to that, distressed sales are extremely low. It’s good to be a Texan right now, that’s for sure!

Jump for the full infographic to see the runners up and how other states performed:

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