RECON for May 4, 2021RECON for May 4, 20212021-05-04T05:00:00Z2021-05-04T05:00:00Z
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According to a Texas Realtors report, Texas homebuyers are more diverse and earn higher wages than the national average. Keep reading today's RECON for the details on this story and more. (Photo from Center files.)
May 4, 2021

Texas homebuyers are more diverse, earn higher incomes than national average

​​​​AUSTIN (Texas Realtors) – Texas homebuyers are more diverse and earn higher incomes than homebuyers nationally, according to the 2021 Texas Homebuyers and Sellers Report by Texas Realtors. 

"The increase in household income is encouraging as well as the broader base of diversity in homebuyers," said 2021 Texas Realtors Chairman Marvin Jolly. "Even with higher income levels, buyers are experiencing one of the most challenging markets in history right now, as the supply of homes for sale in most areas of Texas is extremely low."

​According to the report, 18 percent of homebuyers identified as Hispanic/Latino, up from 14 percent the previous year; 7 percent identified as Black/African-American, up from 5 percent; and 6 percent identified as Asian/Pacific Islander, up from 4 percent. White/Caucasian homebuyers fell from 78 to 69 percent between the two reporting periods.

The majority of Texas homebuyers (68 percent) were married couples, followed by single females (15 percent), single males (9 percent), and unmarried couples (6 percent). The median age of Texas homebuyers was 48, four years younger than the previous year. 

The median household income for Texas homebuyers was $112,500, $16,000 more than the national median. Of all Texas homebuyers, 31 percent were first-time homebuyers, unchanged from last year.

"Although median household incomes continue to rise, median home prices have risen aggressively," said Jolly. 

The most popular reason for Texans to put their homes on the market was to move closer to friends or family, followed by job relocations and a desire for a larger home. Sellers spent a median of nine years in their homes. The median sales price was $70,000 more than what sellers paid for their homes, and the median length of time the home spent on the market was four weeks.

The annual report provides in-depth insights into the demographics, motivations, and opinions of Texas homebuyers and sellers who had a real estate transaction between July 2019 and June 2020.
Texas Border Economy February 2021
Read the full Texas Border Economy report for more.

Texas jobless claims see another big drop

​​​​​​​​​​​​​​​​​​​​COLLEGE STATION (Texas Real Estate Research Center) – Initial jobless claims in Texas decreased considerably the week ending April 24, falling around 19,400 claims to 27,400.

This marks three straight weeks of significant drops and the lowest level of initial unemployment claims since before the pandemic.

​​Just over five million unemployment claims have​​​ been filed since​ March 21, 2020, according to U.S. Department​​ of Labor (DOL) data. 

Continuing unemployment claims decreased to​ 275,900 the week ending April 17.

"Despite the decrease​s, levels of both initial and continuing claims still remain around 1.6 and 1.8 times higher, respectively, than their pre-COVID-19 levels," said Dr. Luis Torres, a research economist for the Texas Real Estate Research Center. 

The number of workers receiving benefits through the pandemic unemployment assistance program, which is open to gig workers and others who don’t typically receive benefits, decreased the week ending April 24​.​​​​

​Last week, U.S. initial claims decreased to 553,400, the lowest level of the pandemic. This brings the 58-week total to 80.7 million. 

Fewer people in all of Texas' major and border ​metros filed new unemployment claims the week ending April 17. 

Using data from the DOL and the Employment ​and Training Administration, the Center has estimate​d unemployment claims for Texas' major and border metros since March 21, 2020:
  • Houston-The Woodlands-Sugar Land, 1.18 million claims;
  • ​​Dallas-Fort Worth-Arlington, 1.14 million claims;
  • San Antonio-New Braunfels, 348,400 claims;
  • Austin-Round Rock, 294,700 claims;
  • McAllen-Edinburg-Mission, 137,600 claims;
  • El Paso, 119,600 claims;
  • Brownsville-Harlingen, 60,700 claims; and
  • ​​Laredo, 34,400​ claims.​​​
"Increasing vaccination rates should lead to a faster recovery in the leisure and hospitality sector, possibly creating a wave of hiring that would allow thousands of laid-off workers to find jobs," said Torres.

Retail registered the highest numbers of initial claims the week ending April 17. That sector was followed by healthcare and social assistance, administrative/support/waste management/remediation services, and construction​​.
Sketchy drawing of commercial buildingsThe Texas Real Estate Research Center's Texas Quarterly Commercial Report looks at past, present, and future commercial real estate activity in the state's four major metropolitan areas. It covers the office, retail, and warehouse sectors. Read and download the report for free, and subscribe to know when the next issue is published. 

Appraisal Institute hosting real estate conference

​​​IRVING (Appraisal Institute) – The North Texas chapter of the Appraisal Institute is hosting its 12th Annual North Texas Realty Conference virtually on Friday, May 14. 

The one-day program will include​​ industry information about the North Texas and national real estate markets. It will also include current information and 2021 projections about the regional and national economies.

​Dr. James Gaines, economist at the Texas Real Estate Research Center at Texas A&M University, will give his 2021 economic outlook presentation at the conference.

The event will offer 40 points of Appraisal Institute continuing education credit. Eight hours of Appraiser Continuing Education are pending through the Texas Appraiser Licensing and Certification Board.

The conference costs $195. Register on the Appraisal Institute's website.
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. 

Houston medical office vacancy ticks up in April

​​​​​HOUSTON (NAI Partners) – ​Local medical office vacancy was at 16.7 percent in March, up slightly from 16.6 percent this time last year, according to NAI Partners.

​Availability also crept up to 21 percent from 19.1 percent in March 2020. ​​​​

There was around 863,800 sf of medical office space under construction in March, over double the 415,800 underway in March 2020. There were no deliveries year to date (YTD).

Gross average asking rent ticked up ten cents to $25.77. 

Net absorption increased over the year yet remained negative at -29,400 sf YTD compared with -55,900 sf YTD in March 2020. Leasing activity​ fell to 358,900 sf YTD from 485,700 sf YTD.
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98-acre community underway in Burnet County

​​​BURNET COUNTY (Ridge Point Estates) ​– Leander-based Honeycomb Land Development LLC is developing Ridge Point Estates, a 98.4-acre housing community on N. FM 1174​ north of Bertram.

The project has 37 lots with 14, ten, and 13 lots in phases one through three, respectively. Lots average two acres, and prices in the first phase average $5​​5,000 per acre. 

Buyers can bring their own builder, with many current and prospective owners working with Silverado Signature Homes.

K.C. Engineering is providing civil engineering, and Cuplin & Associates is handling planning​​​ and survey work. Austin-based Ross Construction Inc. is excavating and constructing roads. 3-D Realty Group at Coldwell Banker United is also on the project team.

​​​​​Honeycomb purchased the land in 2019. So far, three lots have been sold.​
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.

Arteriors lighting up Lewisville with 336K-sf HQ

​​LEWISVILLE (Dallas Morning News) – Arteriors, a lighting and furniture firm, is opening a 335,500-sf office and warehouse at 1901 Midway Rd.

More than 100 employees will work at the new location, which includes 35,000 sf of office space and 500 sf of space for merchandise testing. 

Arteriors will move into the space in June.
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Medical project in The Woodlands tops out

​​THE WOODLANDS (REBusiness Online) – JLL has topped out Memorial Hermann The Woodlands Medical Center, a 365,000-sf medical office project.

Work started on the nine​-story building in early 2020. Work will wrap up in spring 2022. 

Austin Commercial is the general contractor, PhiloWilke was the architect, and SSA was the engineer. 
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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.


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