The confidence of the Houston market is beginning to build steam, according to a recent report by Metrostudy (http://bit.ly/zMKZ08).
Houston homebuilders started 18,417 new homes in 2011, a 2% decline from the 2010 total, however the 4,387 homes started in 4Q11 represent a 24% increase from last year’s tax credit-depressed quarterly starts count.
4,892 new homes were closed in 4Q11, 388 more than 4Q10.
At the end of 2011, the Houston new home market held in inventory fewer than 10,000 homes for the first time since 1997.
Houston’s unemployment rate dropped to 7.6%, a full percentage point less than the 3Q11 reading, and employment grew by an annual 3.3%.
In the last 12 months, more than 10,000 jobs have been added in the Houston market.