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The greater Houston Texas real estate market includes surrounding cities such as Baytown, Sugar Land, Galveston, Richmond, Katy, Missouri City, Pasadena, Kingwoood, Tomball, Cypress and the Conroe real estate market, as well as all areas encompassed by Harris County and the nine adjacent Texas Counties.
A recent survey of economists conducted by FactSet revealed an optimistic outlook for new-home sales during July.
The panel of housing experts predicted the nation's level of new-home sales would increase to a seasonally adjusted annual rate of 315,000 during the month. Actual figures will be released by the Commerce Department on Tuesday, August 23.
During June, new-home sales slipped 1 percent from the previous month to an annual rate of 312,000. This total is less than half the amount that economists believe healthy markets should be able to sell in a given month.
On record, 2010 was one of the worst-performing years in terms of new-home sales, marking the fifth-straight year that sales declined, which followed a five-year period of record highs. However, year-to-date sales for 2011 currently trail the pace set at this time last year.
While new-home sales only represent one-fifth of the housing market, they have a sizable impact on the economy. The National Association of Home Builders reports that for every new home built, an average of three jobs are created and close to $90,000 is generated in taxes.
The Houston real estate market could stand to gain from new homes, as the region lost a number of public-sector jobs recently, according to reports.