More new homes are sitting vacant in the Houston area; particularly in the northern area of higher-end homes. This area may have been affected more due to the slow down in the oil industry. In the Houston area, closings were off 13% compared to the same time last year, and the number of completed homes that are not sold is up 16%.
"While it's troubling to see the supply of unsold homes growing, he said it could be a temporary slowdown or a market returning to normal. He said the supply of completed and vacant homes has yet to reach an alarming level."
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