We don't usually cover residential housing, so it's always titillating to take a peek. (We won't tell if you don't.) Across Texas, the revitalization of residential homebuilding is feeding the economy a generous helping of vitality--with a side of caution.
Data from Realtor.com shows an 8.1% increase in home prices in December 2013 from December 2012. While that’s good news, there’s still a lack of inventory across Texas, and that’s problematic because the demand will drive home prices up, says Premier Nationwide Lending production manager John Hudson (also the former government affairs chair from NAMB, here with the head of affairs in his house). Affordability is something that attracts out-of-state companies to relocate here, he says. That little princess enchanting John is his daughter, Isabella Francesca Hudson.
Brand Capital Partners’ Jeff Brand (here with his son, Tate, at the Formula 1 race in Austin) says the strong home demand will cause land prices to rise, too. That means builders will move further out to build mid-priced homes. Retail development is sure to follow, especially grocers, restaurants, and convenience stores (or all three-in-one if you use QuikTrip like we do). No one shops near their office and then sits in traffic on the Tollway, Jeff says. It’s an explanation a larger grocer development VP relayed to him: simply put, ice cream melts.
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