Texas’ property market shows resilience

Country:  Texas, United States

5 February 2008

The housing market in the State of Texas remains healthy, despite the sub-prime crisis and general downturn in the USA’s national housing market, according to the National Association of Realtors.

A glimpse at the microeconomic factors reveals that more jobs were created in Texas, than in any other State last year, with double the new jobs of the number two state, Florida. Furthermore, Texas continues to lead the nation in single family building permits, suggesting that demand remains robust. Crucially, unlike much of the rest of the US, property prices in Austin, Texas, continued to rise throughout 2007, and now average around £128,000.
 
Paige Martin of Martha Turner Properties said: “Despite sub-prime mortgage issues and concerns over the national housing market, data indicated that the Houston, Texas real estate market is holding its own. This is great news for property investors looking to prosper in an uncertain market.”

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