New Construction Dominates Lubbock Housing Market

Lubbock National Bank released their Economic Index for November and it seems like the housing market is doing just fine.

By: Meredith Hillgartner

If you are looking to build a house in Lubbock you might want to get started, fast.

According to the Lubbock National Bank Economic Index new home construction is up 90% in November 2013 compared to the November before.

“Values are up 5% year to date,” James Arnold said. “Permits are up year to date 42% and when you look from November to November they are up 90% in terms of housing starts.”

Larry Driskill with the West Texas Home Builders said those numbers are great--but a little misleading.

He said it is better to look at the percentages for the entire year.

“So 40 [percent] for the year, 30 [percent] for December,” Driskill said. “I think that is a better number instead of the 90 [percent].”

In 2008, Driskill said the housing market in the U.S. crashed but did not take much of a dip here in the Hub City.

“The line flattened but didn’t ever really turn toward the cellar,” Driskill said.

Driskill said 2013 was their best year since the downturn with more and more people wanting to build, especially in Southwest Lubbock.

“That’s’ where people want to build and where they want to live,” Driskill said. “That’s’ where lots are harder to get than they were.”

In November, new home construction permits broke the record for total permits on record when they hit $57.8 million for the month.

Driskill said it is because more people are realizing they can build the home of their dreams.

“Building a custom home is a really good deal for somebody that has particular wants,” Driskill said.

And he only sees the trend growing stronger in 2014.

“As an association we are optimistic,” Driskill said.  “As an individual builder I’m optimistic. I think there is a pin up demand nationwide and I think it carries over into Lubbock.” 

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