LGIH - Houston market per HHC

Howard Hughes Corp announced 4Q results today. They have one of their main Master Planned Communities in Houston (the Woodlands) and had the following to say about the current Houston market.

…the CEO claims that prices in Houston remain high but the volume is just much lower. Here are his MPC comments:

“Throughout 2015, the Houston economic climate has been challenged by low oil prices, and we experienced lower sales volumes than in prior years, yet residential land prices achieved in both Bridgeland and The Woodlands remained high compared to historical levels. Our MPCs are the premier communities in their markets…

They say prices have remained high, but volume has been low for their properties. They don’t sell to the same demographic that LGIH does (renters buying their first home), but instead, as stated, they consider themselves premier communities, although I’m not sure if that includes any starter homes.

Sounds to me that LGIH just may be in a better current demographic to not be as affected as some of the other homebuilders in the Houston area as LGIH volume sure has not seemed to be affected yet.