HOUSTON – Land sales are down 44 percent in two Houston communities—The Woodlands and Bridgeland.
The Howard Hughes Corp., the owner of the two communities, attributes the drop to the softened economy.
“An uncertain economic climate in the greater Houston area due to the decline in oil prices contributed to a slowed sales velocity in 2015 compared to 2014 in our Houston master-planned communities,” the company reported.
In The Woodlands, residential land sales dropped 58.3 percent from 2014 to the end of 2015. Sales totaled $32.4 million at the end of last year.
Bridgeland land sales decreased by 17.8 percent to $31.5 million in 2015 compared with $38.3 million in 2014.
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