The Real Estate Center’s research staff held its monthly roundtable meeting earlier this week, focusing largely on employment and housing. Here are six takeaways.
The job growth rate is rapidly increasing in Texas’ micropolitan cities (those with populations between 10,000 and 50,000 and that are outside a Metropolitan Statistical Area). In August, 8.6 percent of total Texas jobs were in micropolitans.
Texas’ nonfarm job growth currently derives largely from mining and logging, construction, professional and business services, and other services.
Our economists project a 4.1 percent growth rate for the state’s GDP for 2018, assuming oil prices don’t drop significantly.
Home prices in Texas are still lower than those in many markets outside the state. However, relative to itself, Texas has gotten more expensive.
On the other hand, home-price growth in the state’s major metros is slowing down.
According to the Center’s research of Texas home prices, low-tier homes are generally appreciating at a higher rate than mid-tier and high-tier homes in Houston, Dallas-Fort Worth, and Austin.
For more on the state’s housing market, visit the "Housing Activity" page of our website.