Houston Apartment Sales Remain Below Long-Term Average

Only 75 apartment properties were sold in Houston in the first two quarters of the year, marking the slowest pace of activity since the first half of 2010. High borrowing costs and a challenging financing environment are partly to blame. Additionally, like other fast-growing Sun Belt markets, Houston welcomed a multi-decade high of new supply last year, which has pushed the vacancy rate —11.1% — to a 20-year high.