How are Low Oil Prices Affecting Houston’s Real Estate Market?

As discussed previously on this program, the Urban Land Institute and Price Waterhouse Cooper’s “Emerging Trends in Real Estate 2015” report suggests Houston is the country’s number one “market to watch” this year. So, Houston Matters will do just that, periodically, throughout 2015.

It’s been a seller’s market in real estate here in Houston for some time now. Demand has outpaced supply in residential housing, a byproduct of Houston’s recent economic boom. But as oil prices have plunged, and oil companies have recently announced layoffs, that all-important sector of Houston’s economy will, naturally, impact other sectors (as we’ve also discussed recently), including real estate. How is real estate impacted by oil prices dropping? What other factors could impact home sales, or apartment rents, or new residential or commercial construction?

We get the lowdown on real estate trends in Greater Houston, as we talk with Ed Wulfe, Chairman and CEO of the commercial real estate firm Wulfe and Co., and Nancy Sarnoff, real estate reporter for the Houston Chronicle.