Local Housing Market Keeping Strong

The latest numbers in the Lubbock Economic Index shows the rate of new home construction is at its highest since 2006.

The newest housing numbers are out in the latest Lubbock Economic Index, and they indicate that this year could be the strongest for new home construction since 2006.

At least 200 more new homes will be built in Lubbock this year compared to 2012. Existing home sales continue to rise as well, up by 37% this August compared to last.

"Our new home sales will exceed $100 million this year," according to Ron Betenbough of Betenbough Homes in Lubbock. "That's a lot of homes. And, that's a lot of carpet, and lumber, and concrete and all the stuff that goes into those homes."

Betenbough says 2013 is shaping up to be their strongest in almost a decade, and that optimism about oil is driving more people to settle down in Lubbock.

"We'll see if this real oil boom materializes here, and [the numbers] could be up substantially," Betenbough says. "Halliburton didn't come to Lubbock, but they went to Brownfield, and I think a lot of those people will want to live in Lubbock.

And the current low interest rates, under four percent, make it a great time to buy a home.

"Lubbock is a great place to live, it's a great place to buy a home, housing is about as inexpensive here as any place," Betenbough says. "It's just the right time to make a move."

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