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RECON for July 30, 2021RECON for July 30, 20212021-07-30T05:00:00Z2021-07-30T05:00:00Z
McKinney Corporate Center I was built by VanTrust Real Estate.
What's happening around the state? Women's and children's facility in Texas Medical Center expanding, McKinney office building sold, eight San Antonio acres to become mixed-use project, and more. Today's RECON has all the details. (Photo of McKinney Corporate Center I from VanTrust Real Estate.)
July 30, 2021

Texas Children’s Pavilion for Women adding $201M expansion

HOUSTON (Houston Business Journal) – Texas Children's Hospital is working on a $201 million expansion project at the Texas Children's Pa​vilion for Women in the Texas Medical Center.

The former Baylor Clinic building will be renamed Main Tower and connect to the Pavilion for Women with a new skybridge. It will also add 190,000 sf to the obstetrics and gynecology facility.

The first phase of the project will be complete by spring 2022. Full completion is slated for 2024.​​
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Stassney Heights retail center sold

AUSTIN (Connect Media) – Newport Capital Partners has acquired Stassney Heights on behalf of its Newport Capital Partners Fund III. 

The 103,030-sf shopping ce​nter is on the southwest corner of Stassney Ln. and I-35. It is currently 93 percent leased and anchored by Houston-based supermarket Fiesta Mart. 

The property was marketed by CBRE.​​ Financing was provided by Wintrust Bank and arranged through Newmark.
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Medline Industries Inc. opens Katy distribution center

KATY (Houston Business Journal) – Illinois-based Medline Industries Inc. is opening a 1.3 million-sf distribution center.

The facility, located at 29895 U.S. 90 near Brookline Rd., will​​ bring 100 jobs to the area.

The LEED-certified facility has 37-ft clear height, five drive-in bays, and 204 exterior dock doors.

The location will be Medline's fourth in Texas; the others are in Dallas, Laredo, and Wilmer.​
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Vacant land to become mixed-use project

​​SAN ANTONIO (Connect Media) – Eight acres of vacant land will be home to a mixed-use project. 

Essex Modern City LLC will develop 80,000 sf of retail space, 80,000 sf of office space, and 800 residential units. There will also be parking and an open park.

Kennedy Funding secured a $3.46 million land loan for the seven parcels.

Taylor Morrison takes 500 home sites in Frisco’s Fields community

FRISCO (Dallas Morning News) – Taylor Morrison Homes has purchased sites for 500 single-family homes in the 2,500-acre Fields development on the Dallas North Tollway.

The homes will be in the Brookside neighborhood on the north side of Panther Creek Pkwy., east of Legacy Dr.

The sellers were Hunt Realty Investments and Karahan Cos.

Construction starts this fall.
market viewer screen shotTexas Realtors' MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Texas Real Estate Research Center, and all MLSs across the state. 

Arch-Con Corp. starts on Rainey Street District hotel

AUSTIN (Realty News Report) – Houston-based general contractor Arch-Con Corp. is constructing a 17-story Fairfield Inn & Suites in the Rainey Street District near downtown.

The 152,000-sf hotel w​ill be at 76 East Ave. There will be a six-level, 57,930-sf concrete parking garage.

The 126-room Fairfield Inn & Suites is being developed by RGB Hospitality and designed by MCS Architects.

120K-sf Craig Ranch office building sold 

McKINNEY (Dallas Morning News) – The McKinney Corporate Center I building on Weiskopf Ave. has sold to Orangestar Property Advisors.

Built in 2013, the 120,000-sf building is leased to tenants including Cotiviti Healthcare.

The seller was VanTrust Real Estate.

Veritex Community Bank financed the acquisition with a $19.2 million loan.
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Copyright © 2021, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Texas Real Estate Research Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Texas Real Estate Research Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.​

https://www.recenter.tamu.edu/news/recon/?Item=491
RECON for July 27, 2021RECON for July 27, 20212021-07-27T05:00:00Z2021-07-27T05:00:00Z
Aerial view of houses in North Austin
According to Center Research Economist Dr. Luis Torres, the persistent low level of inventory is easing as more homes hit the market. "However, the limited inventory for homes priced less than $300,000 is particularly distressing and is putting pressure on home affordability," said Torres. Keep reading today's RECON for the details. (Photo from Center files.)
July 27, 2021

Texas existing-home sales slow in June, inventory improves slightly

COLLEGE STATION (Texas Real Estate Research Center) – Texas’ existing-home sales were almost flat in June increasing just 1.6 percent over May to 27,000 transactions. Experts say the sales trend is slowing amid constrained inventories. 

"Mortgage rates are still hovering around 3 percent, and ongoing demographic trends continue to support housing demand," said Dr. Luis Torres, research economist for the Texas Real Estate Research Center at Texas A&M University.  

The average Texas home stayed on the market for just 26 days, the shortest time since the Center began keeping records in 1997.

According to the National Association of Realtors (NAR), national existing-home sales rose moderately in June, rebounding slightly from a four-month slide. Along with the 1.4 percent monthly increase, national sales were up 22.9 percent from last year.

"Standard year-over-year (YOY) calculations should be viewed cautiously due to the effects of the pandemic in June of last year," said Torres.

Along with a June increase in sales, a 9.2 percent increase in new listings pulled Texas’ months of inventory of existing homes to 1.3 months.

"It appears the persistent low level of inventory is easing as more homes hit the market," said Torres. "However, the limited inventory for homes priced less than $300,000 is particularly distressing and is putting pressure on home affordability."

While reaching an all-time high, Texas’ median existing home sales price fell 19.3 percent YOY to $298,000. NAR reported an annual national increase of 23.4 percent to $363,300.

Torres said a shift in the composition of sales toward higher-priced homes due to limited inventory at the bottom price cohorts explains some of the increase in the median sales price.

"Our Texas Repeat Sales Home Price Index accounts for this compositional bias and indicates annual home-price appreciation was closer to 15 percent in June. Although less extreme than the median price metric suggests, the rise in home prices is still impairing Texas housing affordability."
Read the latest Outlook for the Texas Economy report for the details.

U.S. News: Austin fifth best place to live nationally 

NEW YORK (U.S. News & World Report) – Austin has ranked fifth on U.S. News & World Report's list of the best places to live in the nation. 

Ranking first in state, the Texas Capital had an overall score of 7.3. Its quality of life and value scores were 7 and 6.5, respectively. 

The report praised the city's laid​-back attitude, vibrant live music scene, and technology sector as major drivers. 

Austin recently ranked 29th on U.S. News' list of best places to retire and 13th on its list of fastest-growing places. 

Dallas-Fort Worth and Houston were also in the top 50, ranking 37th and 39th, respectively. 

The rest of the top five cities were Boulder, Colo.; Raleigh-Durham, N.C.; Huntsville, Ala.; and Fayetteville, Ark.
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First phase of master-planned community moving forward

PEARLAND (Dala Communications) – Massey Oaks Development LP is working on 372 single-family lots for the first phase of Massey Oaks.​

The master-planned community wil​​l be on 356 acres at the intersection of Harkey and McKeever Roads. 

The detached homes will start in the high $300,000s and are zoned for the Alvin Independent School District. The homebuilders are Meritage Homes and Castle Rock.

The community will have mature tree preservation, large open spaces, numerous recreational features, a lakefront open-air pavilion, playgrounds, splash pad, and walking and biking trails.

Phase one lots will deliver in first quarter 2022. The four-phase development will have 950 homesites when complete. 

Trez Capital closed on a $44 million loan for the developer. CBA Land Capital LP provided investment equity. ​
NewsTalk Texas logoHungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week:  NewsTalk Texas is updated each weekday, throughout the day. 

Work starts on Texas Children's Hospital in Austin

AUSTIN (Dala Communications) – McCarthy Building Companies Inc. has begun construction on a 365,000-sf Texas Children’s Hospital for women and children across Central Texas.

The 52-bed, free-standing hospital will provide neonatal and pediatric intensive care, operating rooms, epilepsy monitoring, sleep center, emergency center, a fetal center for surgery and advanced interventions, postpartum care, diagnostic imaging, acute care, and an on-site Texas Children's Urgent Care location.

It will have an adjacent 170,000-sf outpatient building offering pediatric subspecialties. It will have 1,200 parking spaces. 

McCarthy is the general contractor. Page is the project architect. 

​Completion is scheduled for first quarter ​2024. ​​
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Ashton Woods buys 344 acres in Forney for 1,030 homes

​​​​​​​​​FORNEY (Dallas Morning News) – Ashton Woods has purchased 344 acres in the Gateway Parks community near US 80 for a residential development. 

The purchase included​ land for 1,030 single-family homes plus 88 completed home sites.

Vanguard Real Estate Advisors brokered the sale.​

Gateway Parks is part of a 2,000-acre mixed-use development being built by a unit of Petro-Hunt.
Communication Matters video seriesThe Texas Real Estate Research Center's Texas Home Price Index measures price appreciation changes for residential single-family homes. It provides data for eight different Texas metros across three different price ranges.

50-acre mixed-use project planned for Georgetown

GEORGETOWN (Austin Business Journal) – San Antonio-based Athena Domain Inc. is developing a 50-acre mixed-us​e project at the corner of I-35 and SH 130. 

Berry Creek Crossing will include up to 34 acres of high-density multifamily totaling 650 units and 17 acres of commercial space. 

Athena received unanimous approval from the city council on July 13 to rezone the site from agriculture and single-family to a planned unit development. The rezoning still requires a second reading, scheduled for July 27.
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Florida investors purchase Five Post Oak Park tower

HOUSTON (Realty News Report) – Florida-based CP Group has acquired the 28-story Five Post Oak Park office tower.

The 567,000-sf tower is in the inner loop on the north side of San Felipe St. 

The new owner will modernize interior finishes and add amenities ​such as a top-tier restaurant, coffee bar, an outdoor patio, and concierge services. Current amenities include a conferencing facility and a 3,000-sf fitness center.

The purchase is CP Group’s first in Houston since 2014. JLL Capital Markets represented the seller.​
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Copyright © 2021, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Texas Real Estate Research Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Texas Real Estate Research Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

https://www.recenter.tamu.edu/news/recon/?Item=490
RECON for July 23, 2021RECON for July 23, 20212021-07-23T05:00:00Z2021-07-23T05:00:00Z
El Paso skyline
According to a WalletHub study, El Paso is the eighth best place to rent in America. The Sun City is also home to Texas' top-selling master-planned community. Today's RECON has the details. (Photo from Center files.)
July 23, 2021

Texas jobless claims rise for third straight week, even without extra benefits

​​​​​​​​​​COLLEGE STATION (Texas Real Estate Research Center) – ​Even without extra federal unemployment assistance, initial jobless claims continue to increase as the labor market gradually recovers​​​.​​​

Initial claims in Texas increased to​​​​ 43,500 the week ending July 17. About 5.34 ​​million unemployment claims have been filed since​ March 21, 2020, according ​to U.S. Department​ of Labor (DOL) data. 

Continuing unemployment claims increased ​to 185,000 the week ending July 10.

"Transitions from unemployment to employment have likely been reduced by the effect of the pandemic on women," said Dr. Luis Torres, a research economist for the Texas Real Estate Research Center. "Women in the 25-to-34-year age group were more likely than men to leave their jobs to take care of children because of in-person school and daycare closures. This outcome should be reverted once schools and daycares return to in-person learning and caregiving during the fall.

"Other possible factors affecting the transition from unemployment to employment could be the lingering pandemic, early retirement, and the possibility that people are taking more time to consider other career paths," said Torres. "Record job openings suggest that while​ the economy is still short of pre-COVID employment levels, it is not due to insufficient labor demand."

​​Last week, U.S. initial claims increased to 419​,200, bringing the 70-week total to 85.7 million. 

More people in all of Texas' major and border metros filed new unemployment claims the week ending July 10, marking two straight weeks of increases. ​​​

Using data from the DOL and the Employment and Training Administration, the Center has estimated unemployment claims for Texas' major and border metros since March 21, 2020:
  • Houston-The Woodlands-Sugar Land, 1.26 million claims;
  • Dallas-Fort Worth-Arlington, 1.22 million claims;
  • San Antonio-New Braunfels, 368,600 claims;
  • Austin-Round Rock, 311,600 claims;
  • McAllen-Edinburg-Mission, 148,100 claims;
  • El Paso, 126,200 claims;
  • Brownsville-Harlingen, 65,200​​ claims; and
  • Laredo, 36,600 claims. ​​
​Administrative/support/waste management/remediation services registered the highest number of initial claims the week ending July 10. The sector was followed by retail trade, accommodation and food services,​ construction, and healthcare and social assistance.​ 
Texas Employment Report June 2021 Summar
Read our latest Texas Employment Report for the details. 

18 Texas master-planned communities among top-selling nationally

LOS ANGELES (RCLCO Real Estate Advisors) – Eighteen Texas communities landed on RCLCO Real Estate Advisors' list of the top 50 master-planned communities of mid-year 2021. 

The Lone Star State ranked second in numb​er of homes sold in master-planned co​mmunities, behind only Florida. 

Ten of those communities are in the Houston-The Woodlands-Sugar Land area. Six are in Dallas-Fort Worth-Arlington, one is in Austin-Round Rock, and one is in El Paso.

Hunt Communities' Mission Ridge in El Paso sold 466 homes so far this year, ranking first in Texas and ninth overall. 

Other Texas master-planned communities in the top 50 are:
  • No. 12 Land Tejas' Balmoral in Houston, 458 sales; 
  • No. 14 Howard Hu​​ghes Corp.'s Bridgeland in Cypress, 433 sales; 
  • No. 17 D.R. Horton's Tamarron in Katy, 407 sales; 
  • No. 20 Land Tej​as' Sierra Vista/Sterling Lakes in Arcola, 397 sales; 
  • No. 26 Johnson Development/Toll Brothers' Sienna in Missouri City, 344 sales;
  • No. 30 SouthStar Development/PMB Capital's WoodCreek in Fate, 322 sales;
  • No. 33 Mariner Real Estate Development's Santa Rita Ranch in Liberty Hill, 307 sales;
  • No. 34 D.R. Horton's Magnolia Point in Royse City, 301 sales;
  • No. 36 Land Teja's Lago Mar in Texas City, 297 sales;
  • No. 37 (tie) D.R. Horton's Breckenridge Forest in Spring, 290 sales;
  • No. 39 (tie) Rise Communities' Meridiana in Rosharon, 285 sales;
  • No. 39 (tie) Sessions Development/PMB Capital's Wildcat Range in Crandall, 285 sales;
  • No. 41 Hillwood Communities' Harvest in Argyle, 283 sales;
  • No. 42 Johnson Development Corp.'s Cross Creek Ranch in Fulshear, 282 sales;
  • No. 43 Hillwood Communities​' Union Park in Little Elm, 279 sales;
  • No. 48 Johnson Development Corp.'s Viridian in Arlington, 266 sales; and 
  • No. 49 Johnson Development Corp.'s Woodforest in Montgomery, 265 sales. 
The high​​est-selling master-planned community so far in 2021 is Lakewood Ranch, developed by Schroeder-Manatee Ranch Inc. in Sarasota, Fla., with 1,535 sales.
Podcast 460
The economy made significant improvements in second quarter 2021 as the country continues to recover from the COVID-19 pandemic. TRERC's Dr. Jim Gaines reflects on the last quarter and looks to the future of the economic recovery on our latest podcast.

El Paso eighth best place to rent in America

WASHINGTON (WalletHub) – ​​El Paso ranked eighth on WalletHub's list of the best places to rent. 

The ​​Far West ​​Texas city ​was 12th in quality of life and 37th in rental market and affordability. 

Plano and Austin were the only two Texas cities in the top 30, ranking 27th and 30th, respectively. 

​​​No. 32 Brownsville, No. 43 Laredo, and No. 42 Amarillo had the top three lowest costs of living.

The top five cities overall were Sioux Falls, S.D.; Cedar Rapids, Iowa; Overland Park, Kan.; Fargo, N.D.; and Lincoln, Neb. 

To determine the rankings, WalletHub compared more than 180 rental markets based on 22 key measures of rental attractiveness and quality of life. 
Congratulations to Haley G. of Humble, the winner of the $50 Amazon gift card in our Nifty Fifty Scavenger Hunt giveaway. If you missed out on the giveaway, don't worry: there are more chances to win. Get all three questions on our quiz correct to enter. This week's giveaway closes on Thursday, July 29. Enter here.

Seefried completes 3.8M-sf warehouse for online retailer

​​​​​​PFLUGERVILLE (REBusiness Online) – Atlanta-based developer Seefried Industrial Partners has completed a 3.8 million-sf warehouse and distribution center. 

The five-story building​ has 63 loading docks, 372 trailer stalls, and 1,846 car parking stalls. 

CESO Inc. designed the property, with the Conlan Group and Jones/Carter serving as the general contractor and civil engineer, respectively. 

While the name of the occupier was not disclosed, Amazon, which has worked with Seefried in the past, had previously announced plans to open a major fulfillment center in the city.
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519K-sf Sherman distribution center sold to Preston Forrest Capital

SHERMAN (Connect CRE) – Preston Forrest Capital acquired a 518,700-sf distribution warehouse at 1400 W. FM 1417.

The building is on 70 acres within the 3,300-acre Progress Park master-planned business park.​

It is fully occupied and serves as a regional distribution hub for CertainTeed Corporation.

CBRE represented the seller, the State of Texas Permanent School Fund and General Land Office.​
market viewer screen shotTexas Realtors' MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Texas Real Estate Research Center, and all MLSs across the state. 

$36.5M elementary school opening in Aledo 

ALEDO (REBusiness Online) – Satterfield & Pontikes is nearing completion of Annetta Elementary School, a $36.5 million project that will support 800 students.

Located at 2396 W. FM 5, the 107,391-sf project features grade-level pods with collaborative learning spaces and an open library that overlooks a learning​ hub.

PBK was the architect, and Dunaway was the structural engineer.

Opening is set for August.​
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459K-sf industrial building trades hands in Wichita Falls

WICHITA FALLS (Lee & Associates) – Panda High Plains has acquired a 458,810-sf industrial building on 97.1 acres at 8600 N. Central Fwy.

The buyer was represented by Hudson Peters Commercial. Lee & Associates represented the seller, 8600 Central Venture. 

Kinloch to construct 500 build-to-rent homes in Royse City

​​​​​​​​​​​​​ROYSE CITY (PRNewswire) – Kinloch Partners LLC has purchased multiple lots with plans for a build-to-rent subdivision.

The homes will range from 2,000 to 2,500 sf and be priced from $200,000 to $300,000.

Rent will be under $2,000 per month.

Kinloch will build 500 rental homes in the next 18 months. 
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Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Texas Real Estate Research Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Texas Real Estate Research Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

https://www.recenter.tamu.edu/news/recon/?Item=489
RECON for July 20, 2021RECON for July 20, 20212021-07-20T05:00:00Z2021-07-20T05:00:00Z
Ice Dams, Snow on Roof, Icicles Causing Winter House Damage
Winter Storm Uri left those without homeowner's insurance vulnerable to the storm's disastrous effects. A Texas Real Estate Research Center study shows households that are low-income, in nonmetropolitan areas, or without a mortgage are less likely to have homeowner's insurance. Read more in today's RECON. (Photo from Center files.)
July 20, 2021

Winter blast reveals many Texas households lack homeowner’s insurance

COLLEGE STATION (Texas Real Estate Research Center) – Winter Storm Uri was a harsh reminder of the importance of homeowner's insurance. A study by the Texas Real Estate Research Center at Texas A&M University shows households that are low-income, in nonmetropolitan areas, or without a mortgage are less likely to have homeowner's insurance.

Researchers used U.S. Census Bureau data to estimate the number of uninsured Texas households. Approximately 26.6 percent of nonmetro homeowners reported as uninsured. Eleven percent of households in metropolitan areas with a principal city such as Austin, Dallas-Fort Worth, Houston, and San Antonio are uninsured. In metropolitan areas without a principal city, 10.2 percent do not have homeowner's insurance.

"Metropolitan areas in the Rio Grande Valley and along the Texas coast have the highest percentages of uninsured households," said Joshua Roberson, senior data analyst. "In McAllen, almost two out of five households are uninsured. Brownville is close behind with 34.9 percent.

"Despite being vulnerable to hurricane damages, one out of five homeowner households in Beaumont and Corpus Christi is uninsured."

"Mortgage status plays an important role in determining the likelihood of having property insurance because mortgage contracts require a homeowner's insurance policy," said Research Economist Luis Torres. "The mortgage lender has a financial interest in the home, which is motive for requiring insurance.

"Only 4.1 percent of homeowner households with a mortgage are uninsured. This is in contrast to 26 percent for those who own their home free of debt."

The study notes the relationship between having lower average income and being uninsured. Those who own their home free and clear of debt and are uninsured have incomes around $53,274 compared with $95,873 for those who own their home and are insured.

The smallest percentages of uninsured households can be found in Austin and Dallas-Fort Worth at 6.1 and 7.4 percent, respectively.

"Homeowners who don't have a mortgage are generally characterized as seniors living in older homes, which are more susceptible to damage from extreme weather conditions," said Torres.

"When one considers the link between household income levels and being uninsured, this raises important questions. Is homeowner's insurance too expensive for households earning a lower income? Is the cost impeding them from protecting their homes from natural disasters?

"Identifying the location and characteristics of uninsured homeowners would enable the state to better allocate resources for home repairs following a natural disaster such as a freeze."

For more, read "Storm Warning: Winter Blast a Harsh Reminder of Need for Homeowner's Insurance" online​ or in the summer issue of TG magazine.
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Texas adds 55,800 jobs in June

AUSTIN (Texas Workforce Commission) – The state's seasonally adjusted unemployment rate inched down 0.1 percentage points to 6.5 percent in June, according to the Texas Workforce Commission. 

Texas added 55,800 nona​​gricultural jobs last month, marking gains in 13 of the last 14 months. The state added 654,200 jobs since June 2020.

With the job gains, the Texas economy needs to add almost 345,700 jobs to return to pre-pandemic levels.

Hiring ramped up despite worker shortages. Statewide job openings reached record highs in March at 712,000, with a job openings​ rate of 5.4 percent. 

​​Based on Texas Real Estate Research Center projections, Texas job openings could have risen further in May to 751,000. 

"Record job openings suggest that while the economy is still short of pre-COVID employment levels, it is not due to insufficient labor demand," said Dr. Luis Torres, research economist with the Center. "In addition to childcare, other factors affecting the transition from unemployment to employment could be the lingering pandemic, early retirement, and the possibility that people are rethinking their career paths."

Amarillo had the lowest nonse​asonally adjusted unemployment rate in the state​ at 4.5 percent. McAllen-Edinburg-Mission had the highest at 10.8 percent. 

All employment sectors had seasonally adjusted job gains since June 2020 except for construction, which remained unchanged. The leisure and hospitality sector's employment jumped 16.7 percent over the year and gained 19,000 jobs since May 2021.  ​

"The effects of expanded vaccination rates were perhaps most notable in leisure, travel, and restaurant consumer spending, improving the sector's prospects in achieving a full job recovery," said Torres.​
Texas A&M's AgriLife Extension Service is offering the Owning Your Piece of Texas: Key Laws Texas Landowners Need to Know course online. The program offers practical tips and insightful examples, to help explain legal concepts important for landowners. This self-paced course will take approximately 8.5 hours to complete. Participants can take the whole course for a total $150, or pay $20 for individual, shorter courses.

Texas 2021's best state to start a business

​​​​​WASHINGTON (WalletHub) – According to a WalletHub study, Texas is the best state to start a business in 2021. 

The Lone Star State ranked second in business environment, 12th in access to resources, and 32nd in business costs. 

It was also fourth in longest average work week and fifth in highest total spending on incentives as a percentage of gross domestic product.​​​

Georgia, California, Florida, and Idaho rounded out the top five. ​​
NewsTalk Texas logoHungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week: NewsTalk Texas is updated each weekday, throughout the day. 

Shea Homes plans second Conroe community

CONROE (Total PR) – Shea Homes has started on the initial design of a 740-acre community called Evergreen.

The project will include over 2,000 homes and 100 acres of parks, greenspace, and amenities.​

The land at FM 242 and FM 131​4 was purchased in 2020 from Cooper Rose LLC. ​

Elevation Land Solutions is overseeing the engineering. TBG Partners is the landscape architect.
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42-story mixed-use project in the works for downtown Dallas

DALLAS (Dallas Morning News) – 42 Real Estate is planning a 42-story high-rise project on downtown's east side.

The two-building complex will have 200,000 sf of offices, 250 hotel rooms, 224 apartments, and ground-floo​r retail space. It was designed by The Beck Group.

Two small buildings and surface parking currently occupy the site at Elm​ and N. Pearl Streets near I-345.​
Communication Matters video seriesThe Texas Real Estate Research Center's Texas Home Price Index measures price appreciation changes for residential single-family homes. It provides data for eight different Texas metros across three different price ranges.

Multifamily coming to former site of Regal Fiesta movie theater

​​​​​SAN ANTONIO (PR Boutique) – Locally based Koontz Corp. is building a 300-unit Class A multifamily community on the site of the former Regal Fiesta 16 movie theater. 

​Tentatively called Fiesta Trails Apartment Community, the four-story, 267,000-sf project will be on 10.36 acres at 12631 Vance Jackson Rd. 

It will have one- and two-bedroom units and amenities such as two swimming pools and a dog park. ​​

Work starts in early 2022.
Helping Texans make the best real estate decisions since 1971

Waco industrial building trades hands

WACO (REBusiness Online) – Gato Montez has purchased a 138,307-sf industrial building from Mani​tou Equipment America. 

The locally based buyer will occupy the building, which is within Waco Industrial Park.

Coldwell Banker Commercial ​brokered the deal.​​
Looking for reliable rural land data for Mississippi, Louisiana, Alabama, and Texas? We've got you covered. Get the data exclusively from the Texas Real Estate Research Center.
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Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Texas Real Estate Research Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Texas Real Estate Research Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

https://www.recenter.tamu.edu/news/recon/?Item=488
RECON for July 16, 2021RECON for July 16, 20212021-07-16T05:00:00Z2021-07-16T05:00:00Z
Colonial house with large yard
What's happening in today's RECON? Two Texas cities have some of the largest home lots, Austin a top city for tech talent, Consumer Financial Protection Bureau bans many residential foreclosures through 2022, and more. Keep reading for the details. (Photo from Center files.)
July 16, 2021

Austin 7th on CBRE's tech talent ranking

​​​​​​DALLAS (CBRE) – ​​Austin has ranked seventh overall in CBRE's 2021 Scoring Tech Talent report. 

Dallas-Fort Worth was also in the top 20, ranking 13th. Houston was 39th.​​​

The Texas Capital has a tech talent labor pool of 79,230, up 10 percent from 2015. That is approximately 7.5 percent of its overall labor force, the eighth-highest among large U.S. tech talent markets.

Austin produced more tech graduates (12,962) than new tech jobs (7,200) in the past four years. That means ample talent supply becomes available each year for workforce growth.

Software developers and programmers accounted​ for 38.7 percent of the total tech talent with an average wage of $105,404 in 2020. That ranks Austin eighth for the concentration and 17th for average wage among large tech markets.

Austin is the 22nd most expensive among the top 50 tech-talent markets, with the tenth highest office rent growth over the past five years (24 percent). 

Annual operating costs for a 500-person tech company occupying 75,000 sf in Austin amount to $45.7 million. 

Austin offers affordable living for tech-talent workers, with the average monthly apartment rent amounting to $1,259 in 2020, representing 16 percent of a tech worker’s salary. ​
Texas Housing at a Glance
Total Texas housing sales increased 2 percent in May but continued to normalize from elevated levels the last few months of 2020. Read our latest Texas Housing Insight report for the details.

Bureau bans many foreclosures through 2022

​​​​​​​WASHINGTON (Houston Chronicle) – The Consumer Financial Protection Bureau has tightened rules on foreclosures in an effort to prevent mass foreclosures coming out of the COVID-19 pandemic. 

The rule, which will become effective Aug. 31, 2021, bans foreclosures on residential mortgages—whether the mortgage is federally backed or not—until 2022 unless the company collecting mortgage payments does a full review of the h​omeowner’s situation and what modification options could help.

The ban, however, will not include tax foreclosures, homeowners association-initiated foreclosures, or hard money lender-initiated foreclosures. It will also not include homes that were delinquent for more than 120 days prior to March 1, 2020.​

The rule takes effect a month after the Centers for Disease Control and Prevention's national eviction ban expires on July 31. Last month, the Federal Housing Finance Agency ​extended the foreclosure and eviction moratoria for Enterprise-backed mortgages through ​​the end of this month. 
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Texas cities dominate list of best metros for Zoomers

SANTA BARBARA, Calif. (CommercialCafe) – ​Texas dominated CommercialCafe's list of the top metros for Generation Z with three cities ​in the top ten.​

Dallas ranked fourth overall​​ and first in Texas. It has 1.03 million Gen Zers, making up 12.18 percent of the city's population. Big D was fourth in Gen Z population and sixth in number of colleges.​

No. 5 Austin and No. 6 San Antonio have 299,000 and 356,000​​ Zoomers, respectively, making up 11.41 and 13.94 percent of their populations.​

Gen Zers—who are currently aged 15 to 24—​have an estimated purchasing power of more than $140 billion, which will only increase as they enter the job market.

Boston, New York, and Nashville, Tenn. were the top three cities. 

To determine Generation Z hotspots, CommercialCafe ranked the 50 biggest U.S. metros based on total Gen Z population, percentage of Gen Zers of the metro’s total population, number of colleges, average I​​nternet speed, unemployment rate, entertainment​​ options, population divided by entertainment venues, regional price parity, and average person income per capita. 
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Luxury homes boost Houston housing market

HOUSTON (Houston Chronicle) – Houston home sales reached new highs ​in June as a surge in luxury​ sales pushed prices to record levels. 

According to the Houston Association of Realtors, the area median home price rose 20 percent sin​ce January to $313,500. The average price rose 23.7 percent to $395,316. 

Local single-family home sales rose for the 13th straight month to 10,638 sales last month, up 13.6 percent from June 2020's level of 9,362 homes.

Sales of homes in the $500,000 to $749,999 range accounted for almost 20 percent of sales, almost double its share last year. 

The volume of sales for homes priced from $750,000 and above increased by 137 percent.

The average time on market fell to its lowest level at just 29 days in June 2021, down from 57 days in June 2020.
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Austin, Dallas have some of nation's largest home lots 

SANTA BARBARA, Calif. (StorageCafe) – ​​Of the 20 largest cities in the U.S., Austin and Dallas have some of the largest lot sizes. 

​Ranking third, Austin has an average lot size of 8,629 sf and average​ house size of 1,865 sf. That's a house-in-lot ratio of 21.6 percent.​

No. 5 Dallas has average lot and house sizes of 8,194 and 1,581 sf, respectively, and percent house-in-lot of 19.3 percent.

San Antonio, Houston, and Fort Worth are also in the top half, ranking​​ seventh, ninth, and tenth, respectively. 

Indianapolis has the largest average lot size. ​​​​​​
market viewer screen shotTexas Realtors' MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Texas Real Estate Research Center, and all MLSs across the state. 

Affordable housing pair to rise in San Antonio

SAN ANTONIO (REBusiness Online) – Cleveland-based the NRP Group is building two affordable housing properties totaling 666 units. 

Seven07 Lofts wil​l offer 318 units in one- to four-bedroom floor plans that will be restricted to renters earning between 40 and 70 percent of the area median income. Amenities will include a fitness center and pool. 

Frontera Crossing will total 348 residences with the same unit configurations and rental restrictions. 

The San Antonio Housing Facility Corp.​ is co-developing the properties. 

Community Development Lending and Investment secured $46.6 million in financing for Seven07 Lofts and $60.6 million for Frontera Crossing.

California university opening Richardson campus

​​​​​RICHARDSON (Dallas Morning News) –​ ​​West Coast University, a California-based vocational college, is opening a 140,000-sf campus ​​​at 2323 N. Central Expy. 

The college is moving to t​​​he three-story site from a 60,000-sf campus near Dallas' Love Field airport.

Gensler is designing the new campus, which will include $6.5 million in improvements to the long-vacant building, which had been owned by KDC since 2011.

West Coast University has been in Dallas since 2012. 
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Copyright © 2021, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Texas Real Estate Research Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Texas Real Estate Research Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

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