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.
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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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