The Lone Star State is the shining star in homebuilding so far in 2017. Houston ranks No. 2 in housing starts, slightly behind Dallas, which leads the nation.
Houston recorded 25,789 housing starts for the 12-month period ending in March 31, 2017, according to Metrostudy. In the same 12-month period Dallas had 30,017 starts.
Showing a little softness, Houston home builders recorded 6,567 home sale closings in the first quarter, a 3.8 percent decline from the first quarter of 2016, Metrostudy reported.
Metrostudy predicts a 3 percent to 4 percent increase in starts in 2017, followed by 7 percent to 9 percent in 2018.
"Houston continues to experience a very competitive new home sales environment although builders have begun to succeed at selling through previously built up spec home inventory," said Lawrence Dean, regional director of Metrostudy's Houston market. -- Ralph Bivins Realty News Report.