On Bauer Business Focus – A conversation on the state of the Houston housing market with Houston Public Media News 88.7 Business Reporter Andrew Schneider.
As the oil prices drop and there is an increase in layoffs in the energy sector, there are questions about how this will affect the housing market in Houston.
Chair of Houston Association of Realtors, Nancy Furst, recently stopped by Bauer Business Focus to discuss how the housing market is being affected by recent changes in the energy industry.
“Oil is not our only industry,” Furst said. “It has not slowed down the people from moving here from other parts in other industries. We have been looking at the layoff situation and most of the numbers that are going out are global. We have what’s considered a small amount of layoffs in Houston area. The affect of the lower oil prices is not going to be as drastic as a hit as it was in the 80s because the Houston economy is so much more diversified now. “
Two of the major factors that have repeatedly come up as far as trying to address the shortage of homes available on the market in the low inventory has been availability of lots and availability of skilled labor for building new homes. Furst says that although they are not making any more land, the raw land sales should hold strong.
“Every one is trying to hold on to their crews. There are classes being taught now in some of the trade schools about specific trades. They are trying to raise up another generation of craftsmen.”
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