This is fantastic news for holders of Howard Hughes ($HHC).
Houston home sales increased 27.3% in November above last year, and marked the 18th consecutive month of an increase in the metro area’s home sales on a year-over-year basis. The average sale price for single-family homes sold in November jumped 10.5 percent to $228,275, the highest average sales price for a November in Houston. The median sales price for homes sold in November rose 8.1 percent to $167,000, also a record high for the month of November. The total dollar volume for November homes sales was 41.2% above last year. Even the housing recovery skeptics should be impressed with the booming real estate recovery in Houston.
They are the owners of the Bridgeland and Woodlands MPC’s in the area. They have already reported demand for housing there is off the charts. It also helps that Exxon Mobil $XOM is building a massive campus just south of the Woodlands and has already signed leases there.
That will be 10,000 additional people looking for housing and shopping and $HHC is right there with the land and build out to provide it to them.