The price of oil has been on a steady decline since 2014, and the housing markets of oil industry towns are on their own, similar slide.
"Home sellers are slashing prices and offering incentives to keep buyers from walking away from contracts as an 18-month oil slump buffets [Houston's] once-booming housing market," report Laura Kusisto and Kris Hudson.
The article provides data from the Commerce Department and Houston-area brokers as evidence for the decline of the real estate market: "Home-construction permits in the area plunged 26% from a year earlier in the third quarter, while December sales of existing single-family houses fell nearly 10% from the same month of 2014..."
The article connects the sluggish Houston real estate market with the ongoing oil industry slump, finding evidence of similar trends in other regions in Texas as well as Colorado and North Dakota. The article includes interviews with local residents about how they are coping with the economic downturn—both in terms of housing and employment.
FULL STORY: Oil Slump Hits Houston Home Market
Price Cuts Spread to More of the U.S. Housing Market
The insanity of the housing market during the pandemic seems to have peaked in an increasing number of U.S. cities, according to recent data.
The Consequences of 'Runaway' Housing Prices
There's been no shortage of discussion and debate about what's causing the price of homes in the United States to skyrocket at record rates, but less discussion of the consequences for housing market trends on the broader economy.
U.S. Housing Prices Continue Record-Breaking Pace
July marked four straight months of record-breaking increases for housing prices nationwide, according to the latest housing market data.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Maui's Vacation Rental Debate Turns Ugly
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Restaurant Patios Were a Pandemic Win — Why Were They so Hard to Keep?
Social distancing requirements and changes in travel patterns prompted cities to pilot new uses for street and sidewalk space. Then it got complicated.
In California Battle of Housing vs. Environment, Housing Just Won
A new state law significantly limits the power of CEQA, an environmental review law that served as a powerful tool for blocking new development.
Boulder Eliminates Parking Minimums Citywide
Officials estimate the cost of building a single underground parking space at up to $100,000.
Orange County, Florida Adopts Largest US “Sprawl Repair” Code
The ‘Orange Code’ seeks to rectify decades of sprawl-inducing, car-oriented development.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
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Custer County Colorado
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