With a population of over 23 million, Texas is the second largest state in the nation. The housing market in Texas has remained strong in most cities and counties, with Houston (population 2,144,000) being the largest and most active in the real estate and housing market, followed by San Antonio and Dallas. Texas homes for sale are remaining at their fair market value, with little or no loss in sales compared to some areas of the country. This can be attributed the diverse economic make up of the state and the lower than average unemployment rate.
Land sale in Texas are at an all time high with no significant reduction foreseen in the near future. Commercial retail property rentals have remained steady in spite of the overall national economic downturn.
Southeast Texas, (which includes Houston) having the larger portion of population density, is by far the most active in the housing market. New home sales were at an all-time high in the beginning of 2007, however it has since experienced a downturn with a high inventory of new unsold homes.
The Texas existing home market has remained strong with more of a 'buyers market' driving sales and is expected to remain steady throughout 2008 and early 2009.
For example, the Beaumont and Orange Texas area (southeast Texas) will be creating 13,000 plus new construction jobs in the oil and petro-chemical industry over the next 4 years. This will create a severe housing and apartment shortage in this area. Housing is at a premium at this writing.
In conclusion: The overall outlook for Real Estate in Texas is good compared to other areas of the nation. With the diverse make up of various petro-chemical industries, Texas can maintain its share of steady housing market sales in the foreseeable future.