Energy Spending Boosting Houston Market
With oil and gas prices soaring, so are the profits for Houston-based ConocoPhillips, Halliburton Co. and other energy companies. People involved in these industries are making money and spending it as well. As a result, the Houston area real estate market has remained strong.
The Houston Association of Realtors reports that sales of previously owned homes in the Houston area rose 4.6% in April from a year earlier. Nationally, sales fell 10%. Additionally, Houston’s median home price raised an average of 4.3% annually from 2001 to 2005. That compares with price jumps of 18%t in hot markets like San Diego and Las Vegas.