Photo by: Staff Photographer
A major recession has yet to arrive nationally, but many economists are still expecting slower growth next year, which could have ripple effects throughout the real estate sector.
Higher interest rates, a tight labor market and headwinds in commercial real estate industry (mostly in the office space) are expected to weigh on Houston's economy next year, according to Greater Houston Partnership's 2024 forecast. However, the region is still expected to add some 57,600 jobs. Not as many jobs as previous pandemic boom years – but also not bad.
But there's at least some positive economic indicators in the Houston housing market brewing, too. Houston home sales volume rose 4.9% in November, the first time the Houston region has seen an increase in sales activity in 19 months, according to Houston Association of Realtors new report. If that trend holds for another couple months this could suggest more homebuyers are finally coming back from sitting on the sidelines as mortgage rate increases ease.
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