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Houstons Housing Stock Tops 393 Billion
Collectively, homes in the Houston metro totaled $393.4 billion in value in 2017, up 5.4 percent over the past year, according to an analysis by Zillow. That outpaced last year's gain, when the total value of homes in the Houston market went up 1.2 percent.
That places the value of all the homes in the greater Houston area somewhere between the GDP of Peru and Norway.
The rise in local values compares with a 6.5 percent gain for the U.S. housing stock, which added $2 trillion in value 2017 for a total of $31.8 trillion, according to Zillow. The value grew at its fastest annual pace in four years.
Three cities contributed more than $1 trillion each to the tally: Los Angeles ($2.7 trillion), New York ($2.6 trillion), and San Francisco ($1.4 trillion).
"This was a record year for home values as the national housing stock reached record heights in 2017," Zillow senior economist Aaron Terrazas said in an announcement.
"Strong demand from buyers and the ongoing inventory shortage keep pushing values higher, especially in some of the nation's booming coastal markets."
Other Texas cities of the 35 markets tracked showed higher percentage gains than Houston. Dallas gained 12.3 percent to $517.8 billion, Austin gained 7.8 percent to $174.7 billion, and San Antonio gained 7.1 percent to $125.4 billion.
Along with Dallas, other markets with double-digit growth were Columbus, San Jose, Seattle, Tampa, Las Vegas and Charlotte, N.C.
A native of San Antonio, TX Kamica Hampton completed her Bachelor of Science in Criminal Justice at Southwest Texas State University. Post graduate studies led her to Houston and she received her Mast....