Houston's housing market is chugging along, although one of the area's key industries is struggling.
"Houston-area home sales were stronger than ever in July, demonstrating a striking resilience in the face of stubbornly low oil prices that threaten jobs in the region's dominant industry for the foreseeable future," report Nancy Sarnoff.
"Buyers closed on an estimated 8,147 single-family homes last month, the Houston Association of Realtors said in a report released Wednesday. That's the most on record, underscoring the dichotomy between housing and oil that became evident after oil prices started slipping last summer and local energy companies began cutting jobs and spending. Demand for homes also continues to outstrip supply."
The article describes more about housing's resilience compared to the downturn in the oil industry. In some anecdotes about experiences navigating the market, including from one potential buyer hoping that prices will ease. Sarnoff also notes the growing concern that the city's housing supply is not keeping up with the demand.
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