The Houston Chronicle
Sales of new homes in Houston were up 13 percent in July over the same month last year, according to CDS Market Research.
"Houstonians as a whole appear to be more confident about their future than people in other parts of the country," said Kent Dussair of CDS Market Research.
The Federal Reserve has been slashing interest rates this year, attempting to reverse the fortunes of a nation with widespread declines in corporate profits, layoffs, reduced business spending and a slumping stock market.
The rate cuts have helped to keep mortgage rates low. Thirty-year fixed-rate mortages are available at less than 7 percent. Across the nation, housing starts are up, one of the few bright points in the national economic picture.
Despite the negative national trends, Houston builders are having an excellent year, with new home sales at their highest level in almost 20 years, Dussair said.
In year-to-date sales through the end of July, Houston's new home sales are up 18 percent over the comparable seven months of last year, CDS reported.
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