Texas Residential Real Estate Lawyers

Residential Real Estate Activity Is Solid At Very High Levels

Construction and Real Estate

The housing market softened slightly following very strong growth over the past year. Sales of existing homes are still brisk in Austin, El Paso, Houston and San Antonio, but sales weakened in Dallas and Fort Worth. Demand for lower priced homes has dipped noticeably in several markets, which contacts attribute to higher interest rates, rising energy costs and tighter lending standards. Overall, industry leaders say residential real estate activity is solid at very high levels, but they are quite nervous about the market being affected by press reports of a possible fall off in housing prices.

Demand for apartments remains strong, and occupancies are increasing in most markets, but rents are not firming as expected. A notable exception is in Houston where hurricane evacuees continue to stimulate the market, particularly for Class B and C properties. There is growing concern about overbuilding of condominiums and town homes in Dallas, and contacts fear that it will end badly. Demand for office space continues to edge up at a steady pace, with rents firming. Contacts say retail markets remain healthy. Demand for industrial properties is gradually improving.

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