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Texas existing home sales fall to lowest level since 2012Texas existing home sales fall to lowest level since 20122020-06-23T05:00:00Z

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After accounting for seasonal factors, existing homes sold through Texas Multiple Listing Services fell to their lowest level since 2012 amid public health precautions and social distancing measures.

“The month of May marked the housing market’s deepest decline thus far during the ongoing COVID-19 pandemic,” said Dr. James Gaines, chief economist for the Real Estate Center at Texas A&M University.

“Texas’ existing-home sales plummeted 32 percent year over year on top of a 22 percent slide in April,” he said.

According to the National Association of Realtors (NAR), existing-home sales across the country fell for the third consecutive month in May, slumping 27 percent year over year. Single-family home sales fared better than that for condominiums and townhomes, suggesting a shift in preferences from urban areas to the suburbs. Similar movements have been observed in Texas’ major metropolitan areas.
 
Center Research Economist Dr. Luis Torres said May was likely the trough of housing activity, but the coronavirus’ impact on location preferences could be long lasting.

“On the supply side, the number of existing homes rebounded in Texas but remained down 16 percent compared with last May, potentially worsening housing shortages as the market normalizes,” said Torres. The median price for an existing home sold in Texas was $235,000 compared with the national median of $284,600.

“We expect June data to reflect the initial relaxation of COVID-19 restrictions implemented in mid-March,” said Torres, “but a resurgence in contracted coronavirus cases and hospitalizations could reverse the recovery.”

Read the weekly Real Estate Center staff projections on the economic impact of COVID-19.

Funded primarily by Texas real estate licensee fees, the Real Estate Center was created by the state legislature to meet the needs of many audiences, including the real estate industry, instructors, researchers, and the public. The Center is part of Mays Business School at Texas A&M University.​


News Release 08-06208-0620
Texas fighting simultaneous double economic whammyTexas fighting simultaneous double economic whammy2020-06-16T05:00:00Z

​​​​COLLEGE STATION, Tex. (Real Estate Center) –  Lower oil prices plus a pandemic mean Texas’ economy is being hit harder than the world and the rest of the United States. But a researcher monitoring the state’s weekly economic heartbeat, says he detects positive signs. 

“After flattening the last two weeks of May, the Texas weekly leading index increased during the first week of June,” said Research Economist Dr. Luis Torres with the Real Estate Center at Texas A&M University. “This was due to an increase in business applications, fewer people becoming unemployed, and growth in the real price of oil.”

The COVID-19 health crisis is unlike any crisis to hit the Texas economy, said Torres.

“The economy is currently going through a self-induced, sudden-stop in an attempt to stabilize the spread of the virus and save lives. The size of the economic shock will likely result in losses that overshadow those from the 2008-09 financial crisis,” he said.

In response to the pandemic, researchers at the Real Estate Center developed a system to monitor economic variables and better forecast changes.  The Center’s new Texas high-frequency economic activity index estimates the timing and length of future upswings and downturns on a weekly basis. Read 
COVID-19 Impact Projections on Texas' Economy.

“The index is signaling economic improvements going forward and possibly a rebound from the economic shutdown imposed in March and April in response to the COVID-19 pandemic,” said Torres.

Funded primarily by Texas real estate licensee fees, the Real Estate Center was created by the state legislature to meet the needs of many audiences, including the real estate industry, instructors, researchers, and the public. The Center is part of Mays Business School at Texas A&M University.

https://mailchi.mp/mays/texas-fighting-simultaneous-double-economic-whammy07-0620
Real Estate Center Wins Sixth Gold Quill AwardReal Estate Center Wins Sixth Gold Quill Award2020-04-30T05:00:00Z

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COLLEGE STATION, Tex. (Real Estate Center) – The Real Estate Center at Texas A&M University has won a Gold Quill Award of Excellence from the International Association of Business Communicators (IABC).

The award was for "Telling Our Story," the Center’s popular annual report and calendar combination. There were more than 550 entries from 12 countries this year. 

The Center now has six Gold Quills, including one in each of the last three years.

The awards committee selected 201 entries as world-class, with 81 entries earning an Excellence Award and 120 a Merit Award. They represent a cross-section of public and private sector organizations, both large and small. Entries are judged by a blue-ribbon panel of more than 250 evaluators. 

“Recent events have highlighted that more than ever, we live in an interconnected world,” said IABC Awards Committee Chair Ed Kamrin, SCMP. "The community of communication professionals is global, diverse, and vibrant.”

For more information on the Gold Quill Awards, including the full list of winners, visit the Gold Quill website.

Funded primarily by Texas real estate licensee fees, the Real Estate Center was created by the state legislature to meet the needs of many audiences, including the real estate industry, instructors, researchers, and the public. The Center is part of Mays Business School at Texas A&M University.


https://mailchi.mp/mays/real-estate-center-wins-sixth-gold-quill-award06-0420
Texas Existing Home Sales Hit Record High, Then COVID-19 ArrivedTexas Existing Home Sales Hit Record High, Then COVID-19 Arrived2020-03-20T05:00:00Z

​COLLEGE STATION, Tex. (Real Estate Center) –  After accounting for seasonal factors, existing homes sold through Texas Multiple Listing Services reached a record high last month. That milestone was quickly forgotten, however, with the arrival of the COVID-19 virus.

“A great beginning to the real estate selling season was suddenly awash in disruption,” said Dr. James Gaines, chief economist for the Real Estate Center at Texas A&M University.

“Texas existing-home sales increased 2.6 percent year over year in February, extending eight months of positive growth,” he said. “Low mortgage rates and a healthy labor market drove resale activity.”

According to the National Association of Realtors (NAR), February marked the highest month of home sales nationally since February 2007, rising 6.5 percent from January and 7.2 percent from a year ago. All of the gain was from sales of single-family units, which rose 7.3 percent from a year ago to 5.17 million sales.
 
Center Research Economist Dr. Luis Torres said February is likely "the last hurrah" for the housing market for a while.
 
"The sudden stop of economic activity and financial market volatility is disrupting the selling and purchasing of homes," Torres said. "There are anecdotal reports from NAR that the traffic of sellers and purchasers is slowing down considerably."

“On the supply side, more than 32,000 existing homes hit the Texas market in February, but strong sales held the months of inventory below three months,” said Gaines. “The shortage of homes priced less than $300,000 continued to exacerbate affordability constraints. The median price for an existing home sold in Texas was $230,000 compared with the national median of $270,100.

“The economic and public health response to the novel coronavirus will drastically affect housing market activity in coming months,” said Gaines. “Social distancing and self-isolation will reduce the number of homes viewed and shown by real estate agents, keeping both buyers and sellers on the sidelines for some time.

“We expect March data to be partially affected by COVID-19, but April numbers will provide a more complete description of the degree of disruption.”

Read more about the Real Estate Center's research staff thoughts on the economic impact of COVID-19.

Funded primarily by Texas real estate licensee fees, the Real Estate Center was created by the state legislature to meet the needs of many audiences, including the real estate industry, instructors, researchers, and the public. The Center is part of Mays Business School at Texas A&M University.



https://mailchi.mp/mays/qzjp27ew3e5-0320
Registration open for 30th Annual Outlook for Texas Land Markets conferenceRegistration open for 30th Annual Outlook for Texas Land Markets conference2020-02-24T06:00:00Z

30th Annual Outlook for Texas Land Markets ConferenceCOLLEGE STATION, Tex. (Real Estate Center) –  Registration is open for the Annual Outlook for Texas Land Markets conference. This is the 30th year the popular event has been offered by the Real Estate Center at Texas A&M University.
 
The conference is April 23 and 24 at the Omni Hotel at the Colonnade, 9821 Colonnade Blvd. in San Antonio.
 
To register, go to the conference webpage. The website also has information on a limited number of special-rate rooms reserved at the Omni Hotel and Staybridge Suites.
 
Conference-only registration is $275 until March 25 and $300 thereafter. At the door, it's $350.
 
A special four-hour legal update from the Texas Real Estate Commission is available after the conference concludes on Friday. The optional course costs an additional $50, and you must be registered for the conference in order to attend the legal update.
 
Registrants have exclusive access to the Center's event app, which includes presentations, speaker bios, event notifications, giveaways, and attendee interaction.
 
The conference provides information on a variety of legal, economic, social, and natural resources issues influencing current land market dynamics.
 
For more information, contact Cheryl Pruitt, meeting planner, at cpruitt@recenter.tamu.edu or 979-845-2037. 

Funded primarily by Texas real estate licensee fees, the Real Estate Center was created by the state legislature to meet the needs of many audiences, including the real estate industry, instructors, researchers, and the public. The Center is part of Mays Business School at Texas A&M University.​

https://mailchi.mp/mays/registration-open-for-30th-annual-outlook-for-texas-land-markets-conference04-0220