RECON for May 23, 2023RECON for May 23, 20232023-05-23T05:00:00Z2023-05-23T05:00:00Z

RECON Texas Real Estate Research Center
A LOT OF TRERC HISTORY is represented in this photo taken yesterday at a departmental meeting of the Division of Academic and Strategic Collaborations at Texas A&M University. From left, Research Economist Dr. Charles Gilliland, a 45-year Center veteran, Executive Director Gary Maler, who celebrates his 45th year in 2023, Chief External Affairs Officer and Senior Vice President Dr. Susan Ballabina, and Associate Vice President Fred McClure, former TRERC Advisory Committee chair and student worker. Photo by Center Photographer JP Beato III.
May 23, 2023

Number of first-time Texas homebuyers declining

AUSTIN (Texas Realtors) – Texas had fewer first-time homebuyers last year than in previous years, according to the Texas Realtors' 2023 Texas Homebuyers and Sellers Report.

New buyers accounted for 24 percent of homebuyers between July 2021 and June 2022, down from 32 percent the year before and 39 percent a decade ago.

The median household income for Texas homebuyers was $110,000, $22,000 more than the national median for homebuyers. Thirteen percent of homes purchased during the reporting period in Texas were new homes, slightly more than the national figure of 12 percent.

Home purchases in Texas were more prevalent in the highest age groups, with 52 percent of purchases made by individuals aged 55 or older. In contrast, 14 percent of Texas home purchases were made by individuals aged 25 to 34.

The top reason Texans who sold their homes during the observed period did so was to move closer to family and friends (23 percent), followed by job relocation (13 percent) and retirement (10 percent), consistent with the strong job market in the state.

Eighty-seven percent of homebuyers and sellers used a real estate agent to help buy or sell their home, with 90 percent of those buyers and 86 percent of those sellers stating that they would likely use that same agent again or recommend them to others.

Helping Texans make the best real estate decisions since 1971.

Houston Spaceport launches phase two

CLEAR LAKE  (Community Impact Newspaper) – The Houston Spaceport along Space Center Blvd. has a major expansion underway as it enters its second phase.

Phase one, which entailed filling 150 acres with the necessary infrastructure to host aerospace companies, was completed in 2019 for $24 million.

Expected to break ground in the next two to 18 months, phase two will be about 300 acres, and its infrastructure is estimated to cost $80 million.

The project will include parcels for other aerospace companies to locate to the spaceport and land for a hotel, restaurant, and retail.

Additionally, the second phase will involve the development of the Aerospace Institute, an education institution to train aerospace workers.

A taxiway in the northwest of phases one and two that will allow aircraft to take off and land next to aerospace companies for unloading parts for their space stations is also under development.

Space Center Houston wants to construct the Lunar Mars Surface Integration Facility, two large, enclosed structures that will simulate the terrains of the moon and Mars. Visitors will be able to watch from an elevated exhibit hall as astronauts train within the two structures.

The new facility will add at least 60,000 sf of exhibit space to the existing 120,000 sf. It is expected to break ground in the next two years.

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. 

Big development in fast-growing Midlothian

MIDLOTHIAN (Dallas Morning News) – Construction has begun on a new residential development that will bring 2,000 homes.

BridgeWater will be on almost 1,000 acres off US 287 and Walnut Grove Rd. In addition to homes, it will have retail and restaurants. 

Hanover Property Co. is the developer. Homebuilders will include Highland Homes, American Legend Homes, Perry Homes, and John Houston Homes. Homes will be built over seven years.

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. 

Natalia 'Love's' new 252K-sf distribution center

NATALIA (REBUSINESS) – Love's Truck Solutions will open a 252,500-sf distribution center later this year.

The $23 million facility will house a tire warehouse, temperature-controlled storage space and 5,500 sf of office space.

The development will have two drive-up doors, 24 full docks and four overhead doors.

Construction is underway and expected to be complete this fall.

HDA Architects designed the facility.

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Affinius Capital sells 142K-sf northwest SA office building

SAN ANTONIO (San Antonio Business Journal) – Real estate company Affinius Capital—formerly USAA Real Estate Co.—has sold its office building at 9830 Colonnade Blvd. to local investors SageView Partners. 

The 142,000-sf building houses Affinius' headquarters.

The site was recently assessed at just under $28 million, according to the Bexar County Appraisal District.

This is the second property sale from Affinius in two months. The firm sold a vacant downtown building at 1012 Navarro St. in April.

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. 

3,000-home active adult community developed near Lake Conroe

WILLIS (Houston Business Journal) – Caldwell Communities has developed Chambers Creek, a more-than-3,000-home active adult community at 14940 Chambers Creek Dr.

The project includes an 18-hole putting course designed by Tom Lehman and infrastructure specifically designed for golf carts.

The golf course is part of a larger 93-acre multifunctional park space named Lehman Park that has 20 miles of nature trails for hiking and biking.

Chambers Creek also has numerous pickleball and tennis courts, bocce ball, dog parks, open green spaces, and a community garden. A wellness center and resort-style pool recently broke ground, as well.

The gated community has a manned guard house at the entry.

Texas leads U.S. in job creation

DALLAS (Dallas Morning News) – Texas led the nation in job creation over the last 12 months, according to figures released Friday by the Texas Workforce Commission and the U.S. Bureau of Labor Statistics.

The state added 33,300 new nonfarm jobs in April, which helped push the state’s unemployment rate down from 4.2 percent in March to 3.7 in April.

Dallas-Fort Worth ranked second nationally in the number of jobs added over the last year, with 203,100. Only New York City had more at 277,000.

DFW’s job gains in April accounted for nearly half of Texas’ monthly gain.

“The state’s getting bigger, more people are moving here,” said Daniel Oney, research director for the Texas Real Estate Research Center at Texas A&M University. “That tends to drive growth, no matter what’s happening in the economic cycle.”

All industries tracked by TWC have recorded job growth from this time last year, led by mining and logging with a 9 percent gain.

For more on the Texas economy, read the Center's latest Outlook for the Texas Economy.

Free Land... Data! Texas, Louisiana, Alabama, Mississippi
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