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RECON for December 21, 2021RECON for December 21, 20212021-12-21T06:00:00Z2021-12-21T06:00:00Z
RECON Texas Real Estate Research Center
Snow covers Military Walk on the Texas A&M Campus
Happy first day of winter! Stay warm out there. Snow blankets the Texas A&M University campus during the January 2021 snowfall. (Photographed by Center Graphics Specialist JP Beato.)
December 21, 2021

Texas recovers all jobs lost due to pandemic

AUSTIN (Texas Workforce Commission) – ​Texas added 75,100 nonfarm jobs in November, reaching nearly 13 million jobs, according to the Texas Workforce Commission​. 

With the jobs gained last month, the Texas economy has recovered all jobs lost because of the pandemic and is now 28,200 jobs above the February 2020 employment level of nearly 13 million.

It took Texas 19 months to recover lost jobs.​ The state's labor force participation rate remains below pre-pandemic levels.

The state's job growth was 0.6 percent last month, exceeding the Texas Real Estate Research Center's forecasted ​growth rate of 0.4 percent​​.​

The state's labor market is re​covering faster than the nation's job market, which grew 0.1 percent over​ the month.

Texas' seasonally adjusted unemployment rate in November was 5.2 percent, down 0.2 percentage points from October and higher than the national unemployment rate of 4.2 percent.

​Amarillo had the lowest nonse​asonally adjusted unemployment rate in the state​ at 3.1 percent. McAllen-Edinburg-Mission had the highest at 7.7 percent. 

All employment sectors had seasonally adjusted job gains since November 2020. Mining and logging saw the largest annual growth in October at 17.4 percent, followed by professional and business services (11.3 percent) and leisure and hospitality (11.1​ percent).​
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Houston housing market grows in November 

HOUSTON (Houston Association of Realtors) – Even with limited inventory, the local housing market continued in positive territory with renters bringing necessary business to the leasing market after some declines.

According to the Houston Association of Realtors' (HAR) November 2021 Market Update, single-family home sales rose 3.9 percent from November 2020, up from 8,010 sales to 8,320.

On a year-to-date basis, local home sales are 12 percent ahead of 2020's record pace. Sales are up 22.2 percent from 2019, the previous record-setting year.

Total dollar volume increased 20.6 percent to $3.7 billion.

The median single-family home price climbed 16.3 percent to $314,000, while average price increased 12.6 percent to $383,807. Both are significantly high, if not record highs.

Total active listings fell 13.3 percent to 25,016 homes for sale. Pending single-family sales increased 19.3 percent to 9,069.

Total days on market for single-family homes dropped from 46 days last year to 35 days in November 2021. Months of inventory fell to 1.6 months. The Texas Real Estate Research Center considers six to 6.5 months of inventory a balanced market.

According to HAR, homes priced from $500,000 to $1 million had the largest jump in sales, increasing 49.1 percent year over year. That was followed by homes priced $240,000 to $500,000 with a 26.2 percent increase.

Sales of townhouses and condominiums increased for the 15th consecutive month, jumping 16.8 percent with 683 closed sales versus 585 a year earlier. The average price rose 16 percent to $258,970, and the median price shot up 10.5 percent to $210,000. Inventory fell from 3.7 months to 2.1 months.​

Single-family lease homes rose 7.1 percent year-over-year. Leases of townhomes and condominiums increased 5.1 percent. The average single-family rent climbed 8.5 percent to $2,042, while the average rent for townhomes and condominiums increased 3.8 percent to $1,737. ​
Third Quarter 2021 data
Read more in our latest Texas Quarterly Commercial Report.

117-acre mixed-use project slated for Cedar Park

​​​CEDAR PARK (REBusiness Online) – The city council has approved CPM Development's 117-acre mixed-use project.

The development will ​include a:
  • 250-room hotel with a 30,000-sf convention center,
  • 500,000-sf Nebraska Furniture Mart, 
  • 700,000-sf warehouse, and 
  • 250,000 sf of additional commercial space. 
CPM must invest at least $400 million to build the project, generate $450 million in annual sales, and create 725 jobs to receive $45 million in performance-based tax rebates.
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. 

270K-sf Nationwide campus trades hands

​​SAN ANTONIO (San Antonio Business Journal) – Reserve Capital Partners has acquired the 270,000-sf Nationwide campus at 9903 Nationwide Dr​. 

The property includes a fitness center, coffee kiosk, full-service food-service area, kitchen, and space for a full-service deli operator. The campus also has multiple​ outdoor spaces, such as basketball courts and courtyards. 

Nationwide will lease back 55,000 sf.​
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$600M mixed-use project underway in northern Collin County

​​​ANNA (Dallas Morning News) – Bloomfield Homes has gotten zoning approval for a $600 million mixed-use community called Crystal Park.​​

The 390-acre pro​ject will be on the west side of US 75 near FM 455.

It will include nearly 1,000 single-family homes, commercial properties along the highway, multifamily units, and a professional campus.​
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.

Weston Urban planning 32-story residential tower in downtown SA

​​SAN ANTONIO (San Antonio Business Journal) – Weston Urban is planning a 32-story luxury apartment building at 305 Soledad St. 

The tower will include 3​54 residential units, 456 parking spaces, and 6,275 sf of ground-floor retail space. 

The project team includes Pape-Dawson Engineers Inc., Page Southerland Page Inc., and Campbell Landscape Architecture.
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Chicago investor acquires 330K-sf Irving industrial property 

​​IRVING (REBusiness Online) – CenterPoint Properties has acquired a 330,000-sf industrial facility on 18 ac​res at 2201 Chemsearch Blvd. 

The facility has 36-ft clear heights, 47 dock doors, an ESFR sprinkler system, and parking for 59 trailers and 356 cars. 

Eastdil Secured brokered the sale.
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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 Wiley. 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=528

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