Monday, April 30th, 2018 at 3:05pm. 517 Views
The Texas economy continues to be strong, according to the Outlook for the Texas Economy Report by the Real Estate Center at Texas A&M University. A strong United States economy and stable energy prices were the predominant factors cited in the report. Texas produces 39 percent of national crude oil and accounts for 84 percent of its exports. Here are a few of the key findings in the April 2018 report:
For the Dallas Fed’s Business-Cycle Index, the Texas Urban Triangle was led by Austin, with an 8.5 percent metropolitan business cycle index. Dallas and San Antonio came in at 3.6 percent and 3.7 percent, respectively. Houston declined but still hit 5.9 percent.
The Texas Consumer Confidence Index reached a record high, with an increase of two…
Friday, April 27th, 2018 at 11:59am. 544 Views
The Texas economy is continuing to outpace the United States economy in job creation, even with a strong performance nationally, according to the Real Estate Center at Texas A&M University’s Monthly Review of the Texas Economy.
From March 2017 to March 2018, Texas gained 294,100 nonagricultural jobs for a 2.4 percent growth rate, compared to a U.S. growth rate of 1.5 percent. During the same time period, Texas gained 289,100 nongovernment sector jobs for a 2.8 percent growth rate, compared to a U.S. growth rate of 1.8 percent.
The seasonally adjusted unemployment rate in Texas for March 2018 was four percent, compared to a 4.6 percent rate in March 2017. The unemployment rate nationally was 4.5 percent, compared to 4.1 percent in March 2017. Austin…
Friday, April 20th, 2018 at 10:57am. 627 Views
Record-breaking March for Home Sales, Strong Summer Expected
Over 2,700 homes sold in March 2018 in the Austin-Round Rock Metropolitan Statistical Area, a 10.5 percent increase compared to March 2017 and the most sales ever in that month, according to the Austin Board of REALTORS® Central Texas Housing Market Report. Total sales dollar volume increased 18.4 percent over March 2017 to a total of $1,071,274,938, and median home price was up 3.5 percent to $305,233. Inventory was down 0.2 months compared to March 2017 for 2.2 months of inventory.
“Last month, 2,714 single-family homes were sold in the five-county Central Texas region, which is more sales than any March we’ve seen on record,” said ABOR President Steve Crorey. “This type of growth early…
Friday, March 23rd, 2018 at 3:50pm. 793 Views
A new report has been issued by the Real Estate Center at Texas A&M University for the Texas economy, and results continue to look strong overall thanks in part to a strong United States economy and increasing energy prices. Issued in mid-March based on January data, the report stated that housing affordability, potential volatility in energy prices, and trade uncertainty would be potential headwinds going forward into 2018.
Texas’ labor market continued to tighten, pushing the economy towards a full employment level, with Texas adding 16,000 jobs. Austin had the largest proportional increase in jobs at 0.5 percent. Unemployment was four percent across the state and even lower in many metropolitan areas.
Austin led the state in the metropolitan…
Friday, March 16th, 2018 at 2:24pm. 807 Views
Austin Area Home Prices Spike in February 2018
Wondering if this spring would bring a slowdown in the red hot Austin real estate market? Not so far, according to the February 2018 Central Texas Housing Market Report released by the Austin Board of REALTORS®. Prices spiked across the area, according to the report, with the most in-demand areas reporting double digit increases.
With the city of Austin, median price increased 12.2 percent compared to February 2017, to $367,701. With an inventory decrease from 1.4 months in February 2017 to 1.3 months in February 2018, home sales decreased 6.7 percent to 599 sales. A balanced market is considered approximately 6.5 months of inventory, according to the Real Estate Center at Texas A&M University.…
Thursday, March 8th, 2018 at 7:01pm. 791 Views
In its 2018 rankings, U.S. News & World Report has named Austin, Texas the number one place to live in the United States. With a score of 7.8, the capital city was compared to the 100 most populous metro areas in the U.S. and scored based on value, desirability, job market, and quality of life.
Austin’s individual rankings included a score of 8.4 for desirability, 7.3 for value, 7.5 for job market, 7.3 for quality of life, and 9.8 for net migration. About 50 people per day move to Austin, according to the report, and the latest data put the area at a population of 1,889,094.
Austin’s unemployment rate was listed at 3.2 percent, with the top employment industries being Health Care and Social Assistance; Professional, Scientific, and Technical…
Thursday, February 22nd, 2018 at 7:37pm. 791 Views
Single family home sales in Texas are expected to increase by 6.6 percent in 2018, according to the Real Estate Center at Texas A&M University, even as builders statewide are continuing to struggle to meet affordable housing needs.
It’s a “difficult task” to build homes priced less than $300,000, due to rising land costs and shortages in skilled labor, said Real Estate Center Research Economist Dr. Luis Torres. However, “The state’s economic acceleration and employment growth bode well for housing demand. Prices should ease slightly as homebuilders stretch to build more entry-level and first move-up homes, generally priced from $150,000 to $250,000,” he said.
Housing permits were up 8.2 percent in 2017 statewide, with Austin permits increasing 12…
Tuesday, February 20th, 2018 at 2:35pm. 678 Views
Austin, Texas is the 2018 best state capital to live in, according to WalletHub, which compared all 50 United States capitals on factors such as affordability, economics, education and health, and living standards. Austin scored a 67.73 on its State Capital Index score, besting second place Madison, Wisconsin by over three points. Boise, Idaho; Lincoln, Nebraska; and Bismarck, North Dakota rounded out the top five.
Of the 50 capital cities, Austin came in second for highest median income, second for lowest premature death rate, and had the second highest level of millennial newcomers. It came in third for its number of attractions. Austin had the fifth highest percentage of adults with a bachelor’s degree or higher.
Austin’s overall affordability…
Thursday, February 15th, 2018 at 5:08pm. 917 Views
January 2018 shows continued strength of Austin-area real estate market: Record-breaking sales and prices could continue
Home sales increased across the five-county Austin Metropolitan Statistical Area in January 2018, “setting the pace for what could be another record-breaking year,” according to the Austin Board of REALTORS® January 2018 Central Texas Housing Market Report. Sold prices for homes in the Austin-area increased 3.6 percent over January 2017 to $290,000, and home sales volume increased 8.5 percent to 1,655 sales. Inventory remained the same as last January at 1.9 months, well below an average balanced market of six to 6.5 months. Pending and active listings indicate February 2018 also will be a strong month for sales, according to the…
Wednesday, January 31st, 2018 at 10:51am. 652 Views
Following a low-momentum period, Texas single-family housing construction permits jumped 17.2 percent in November 2017 to reach pre-recession levels, according to the Real Estate Center at Texas A&M University. In Austin, construction permits were up 24.9 percent, with Dallas permits increasing 13.9 percent. Additionally, the Texas Residential Construction Leading Index reached its highest level since April 2017, which indicates likely improvements in residential construction through the end of the year, according to the report. Texas housing starts increased for the second straight month, with a year over year increase of 11 percent.
Overall home sales in Texas increased 6.6 percent in November 2017, despite challenges in available inventory for…