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RECON for July 28, 2020RECON for July 28, 20202020-07-28T05:00:00Z2020-07-28T05:00:00Z

RECON Real Estate Center
A female real estate sales agent wearing a patterned face mask holds an orange file folder
According to an Inman study, the overall number of broker and sales licensees in Texas was up in June despite the economic downturn caused by the COVID-19 pandemic. Additionally, the National Association of Realtors reports a rebound in U.S. existing-home sales in June. Keep reading today's RECON for the details. (Photo from Center files.)
July 28, 2020

Texas real estate licensee numbers up despite pandemic 

​​​​​​​NEW YORK CITY (Inman) – Despite the COVID-19 outbreak, new real estate license applications increased nationally in late spring and early summer, according to an Inman study. 

Most of the 32 states surveyed saw a drop in applications in the first months of the outbreak before rebounding once many stay-at-home orders expired. 

Texas Real Estate Commission data show a drop in number of license applications in March and April. However, that drop had already began in February, making the pandemic's role in shaping the numbers unclear.

Either way, Texas' new application numbers saw a rebound in late spring.

The overall number of broker and sales licensees in Texas was up nearly 10,000 last month compared with June 2019. 

Membership numbers for the National Association of Realtors (NAR) are also growing, at least for now. 

"We’re seeing an increase in membership, and 2020 could set an all-time high, surpassing 1.4 million members," said NAR Chief Economist Lawrence Yun. "In June 2020, NAR had 1.397 million members, up 1.7 percent from one year ago."

The increase in members may be due to people losing their jobs in other industries and opting to give real estate a shot. 

"There’s always a strong influx of real estate agents when there are higher levels of unemployment," said Victor Lund of WAV Group. "The income opportunity is great and the commitment is low."
A couple talking to a mortgage lenderThe Federal Home Loan Mortgage Corporation's 30-year fixed rate is widely considered the national benchmark for home-purchase mortgage interest rates. However, this rate doesn't apply to all Texas borrows. Building on the national benchmark, Real Estate Center researchers calculated two separate Texas mortgage rates to fill the information gap. Read our latest report for the details.

U.S. existing-home sales rebound at record pace in June

WASHINGTON​ (National Association of Realtors) – ​​Existing-home sales rebounded at a record pace in June, showing strong signs of a market turnaround after three straight months of sales declines caused by the pandemic.

According to the National Association of Realtors (NAR), total existing-home sales jumped 20.7 percent from May to a seasonally-adjusted annual rate of 4.72 million in June. 

Sales overall, however, dipped year over year, down 11.3 percent from a year ago (5.32 million in June 2019).

"The sales recovery is strong as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown," said NAR Chief Economist Lawrence Yun. "This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue."

The median existing-home price for all housing types was $295,300, up 3.5 percent from last year. June’s national price increase marks 100 straight months of year-over-year gains.

Total housing inventory totaled 1.57 million units, up 1.3 percent from May but still down 18.2 percent from one year ago (1.92 million). 

Inventory sits at a four-month supply, down from June 2019. The Real Estate Center considers six to 6.5 months of inventory a balanced market. 

Properties typically remained on the market for 24 days, down from 27 days in June 2019. 

​Existing-home sales in the South—the region that includes Texas—jumped 26 percent to an annual rate of 2.18 million in June. The median price was $258,500, a 4.4 percent increase from a year ago.

Looking for Texas housing information? Read our latest Texas Housing Insight report.
https://www.recenter.tamu.edu/articles/other/photocontest
Real Estate Center publications are known for their stunning photography. While many shots are taken by our professional photographers, we can't be everywhere in Texas year-round. That's where you come in. Send us your best Texas photograph for a chance to be featured in TG or our 2021 wall calendar. Enter now before time runs out! 

Redevelopment giving Dallasites another place to Work/Shop 

​​DALLAS (Dallas Morning News) – Triten Real Estate Partners and Catlyn Capital are redeveloping a property at 5494 Belt Line Rd. into a combination of office and retail space.

The 200,000-sf project, called Work/Shop, will​ include two office buildings, 81,500 sf of retail space, and 30,000 sf of outdoor plaza and green space.

The site currently includes several retail buildings and two three-story office buildings.

O’Brien Architects, SMR Landscape Architects, and Studio DWG are handling the redo.

Venture Commercial Real Estate will handle retail leasing, and Holt Lunsford Commercial will oversee the office buildings.
texas weekly leading indicator

The Texas weekly leading index increased for the second straight week indicating an uptick in economic activity through the week ending on July 18. The strength and pace of the recovery is being hindered by the rise in the number of Texas COVID-19 cases; they have prevented the re-opening of the state's economy. The increment in the weekly leading index was due to an increase in business applications, fewer people filing for unemployment insurance, small gains in the real price of West Texas Intermediate oil, and a lower real rate for the ten-year Treasury bill. Read COVID-10 Impact Projects on Texas' Economy for more.

SAHA, Mission DG break ground on 200-unit Tampico Lofts 

​​​SAN ANTONIO (San Antonio Business Journal) – The San Antonio Housing Authority (SAHA) and Mission DG have broken ground on Tampico Lofts, a 200-unit affordable apartment complex at 2​00 Tampico St. 

The complex will reserve 107 units for residents making 60 percent or less of the area’s median income. 

SAHA is demolishing a vacant warehouse on the 3.76-acre property to make way for the complex. 

Construction will be complete in August 2022. 
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. 

405-bed student housing project delivers near UH

​​​HOUSTON (REBusiness Online) – WGC Partners, GRC Capital, and Principal Real Estate Investors have completed Tower 5040, a student housing project near the University of Houston.

The 147-unit property at 5040 Calhoun​ Rd. has 405 beds across one-, two-, and four-bedroom floor plans. Amenities include a game room, business center, fitness center, pool, and pet park.

Dallas-based Humphreys & Partners designed the project. Locally based Arch-Con Construction was the general contractor. 
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North Side mixed-use project gets green light

​​​SAN ANTONIO (San Antonio Business Journal) – The local zoning commission has approved the development of a two-acre mixed-use project.

The development at 12400 S. Hausman Rd. ​​will feature 169 residential units and ground-level retail space.

Athena Domain is the developer. 
Communication Matters video seriesThe Real Estate 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.

Michaels taking 124K sf near DFW airport

​​​IRVING (Dallas Morning News) – Michaels is leasing the entire 123,740-sf Royal Ridge III office building at 3939 W. John W. Carpenter Fwy. 

Florida-based Accesso owns the three-story building near the Dallas-Fort Worth International Airport.​
Helping Texans make the best real estate decisions since 1971

$14M facility coming to SW Round Rock

​​ROUND ROCK (Community Impact Newspaper) – Investex II LLC has broken ground on a 125,000-sf facility at 16400 Bratton Ln. 

In exchange for $375,000 in economic incentive payments, the facility will create 60 jobs over the next five years. 

Construction will be complete by August 2021.​​​
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Copyright © 2020, 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 Real Estate 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 Real Estate 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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