Area housing prices will rise this year amid a strong local job market and a lack of new supply, economist Ted C. Jones said today at an annual symposium on real estate and the economy.
“This market is back,” Jones, chief economist for Stewart Title Guaranty Co., said at the spring luncheon hosted by the Hobby Center for Public Policy’s Institute for Regional Forecasting at the University of Houston.
Despite continuing economic troubles nationwide and internationally, Jones gushed about the local economy. He even gave a plug to Southwest Airlines, which wants to build an international terminal at Hobby Airport.
Apartment rents will go up as much as 10 percent this year, which will encourage more people to become homeowners. The median price of a house will rise about three percent, Jones said. The increases should continue into 2013.
Read more...Economist: Recovery boosts Houston real estate market | Prime Property | a Chron.com blog
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