HOUSTON - Land sales are down 44 percent in two Houston communities—The Woodlands and Bridgeland—because the economy has softened, the Howard Hughes Corp. reports.
Howard Hughes Corp., the owner of the two communities, disclosed the slippage in its annual earnings report comparing 2015 totals versus 2014.
In The Woodlands residential land sales decreased by 58.3 percent, to $32.4 million for the year ended 2015 compared to 2014.
Bridgeland land sales decreased by 17.8 percent to $31.5 million in 2015 compared to $38.3 million in 2014.
“Lower home sales velocity caused by low oil prices is also causing home builders to be more cautious in managing their land inventory levels,” said Dallas-based Howard Hughes.
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