Why: Texas housing market is on fire despite oil price declines
The Texas housing market is on fire, with home prices skyrocketing to an all-time high in the second quarter of 2015, the latest market report from the Texas Association of Realtors said.
Back in March, the state was concerned with the potential impact of oil prices, causing the Federal Reserve Bank of Dallas to predict that Texas job growth would slow between 1%-2% in 2015 from 3.4% last year.
Factors contributing to the estimate included a decline in the oil and gas industry, tight labor markets and weakening exports, said Dallas Fed Economist Keith Phillips and Research Analyst Christopher Slijk in “Texas Facing Economic Headwinds in 2015.”
But so far, the impact of oil prices on Texas housing has yet to be seen.