Real estate is booming in Houston as the Houston metro area braces for more hurricanes.
But as the nation braces for hurricane Harvey, many of the city’s residents are bracing for a boom in homes that are already sold.
“The demand for houses is so high that there’s not really a shortage,” said Scott Soto, executive director of the Houston Association of Realtors.
“People are looking for houses to buy.
I think we’re going to see a lot more houses coming on the market.”
Soto expects the influx of homes to lead to more demand for properties.
The city’s population has doubled since the beginning of the year.
According to Census data, the population of Houston has increased from 5,719 in April to 8,858 in July, a population bump of 17%.
“If you look at the Census, we’ve had a massive population growth,” Soto said.
“You’ve got a very diverse population.”
The city is one of a number of major cities that is expected to see an influx of new homes as Harvey continues to blow.
According the real estate firm Zillow, the city has seen a surge in home sales and condominium construction as of mid-July, and Soto thinks it’s only a matter of time before there’s a surge of houses for sale.
“Houston is going to get a lot of new houses,” he said.
Houston’s economy is booming, with the unemployment rate dropping to 5.9% in July from 6.2% the year before, according to the Bureau of Labor Statistics.
But, in the past week, the number of construction jobs fell to a 12-year low of 4,879, according the U.S. Bureau of Economic Analysis.
The region has experienced more than 400 construction jobs lost in the last month, according data from the Houston Development Corporation.
In August, the U,S.
Chamber of Commerce, the American Federation of State, County and Municipal Employees, the National Association of Home Builders and other businesses and unions joined forces to ask the Federal Reserve to raise interest rates.
The chamber’s letter to Fed Chairwoman Janet Yellen in June called for an increase in the federal funds rate to 3.25%, but the Fed has remained in place at a record low of 1.25%.
As a result, the region’s unemployment rate has dropped to 4.2%.
But that has not stopped some from predicting a major increase in home prices in the Houston area.
“It’s going to happen,” said Steve Sohn, president of the Greater Houston Chamber of Industry, which represents many construction and real estate companies.
“We’re seeing more and more demand.
And as the demand goes up, the price goes up.”
But not all are convinced the city is on the right track.
“If there’s any way to keep the housing market from exploding, that’s not a good thing,” said David Schaffer, an analyst at Moody’s Analytics.
“There’s nothing wrong with getting houses and then seeing what happens with them.
But it’s a big investment and it needs to be done carefully and carefully.”
While the region has a long way to go before it’s on the same level of demand as the rest of the country, the floodwaters from Harvey have already flooded homes in Houston and parts of the San Gabriel Valley, leaving homes and other structures underwater.
The National Weather Service says Harvey will dump as much as 5 inches of rain in the region over the next few days.
“That’s a very serious rainfall event,” Sohn said.
And while Harvey may have flooded the city and surrounding areas, it could also cause flooding elsewhere in the country.
The flooding has led to more flooding in the Southeast, including Houston, Texas, where floodwaters have already made roads impassable.
“In the South and Midwest, the rain is so low that cars are stuck in mud and bridges can’t be crossed,” Sood said.