March 24, 2015
Texas Home Prices Up 8 Percent in February
COLLEGE STATION (Real Estate Center) – Existing single-family home sales in Texas had a 1 percent year-over-year increase last month while the median price jumped 8 percent.
According to February 2015 Texas MLS data (as of 11 a.m. today), 17,986 homes were sold last month, roughly 100 more than in February 2014 but 2,600 more than in January 2015.
The median price was $187,200 compared with $174,100 a year ago and $179,000 in January.
Months' inventory was at 3.1 months. Real Estate Center economists consider 6.5 months a balanced market.
February 2015 home sales data for most Texas MLSs are posted on the Center's website.
What's New In Our Research Library?
COLLEGE STATION (Real Estate Center) – Never mind a library card, and don't worry about late fees. Just check out what's new in our online research library:
Outlook for the Texas Economy (March 2015 edition). This month's report explains why rig counts are an important indicator of the demand for products used in the oil extraction industry. Written by Luis Torres and Wayne Day.
Growth in Elderly Populations: Implications for Texas Real Estate Markets. As more baby boomers reach retirement age, the growth in elderly populations has a big impact on the Texas real estate markets. Written by Steve H. Murdock and Michael Cline.
2015 Texas Land Markets Taking a Breather? Statewide per-acre prices set a record high in 2014, with all regions except West Texas and Far West Texas registering price increases. Written by Charles Gilliland, Ryan McGough and Martin Steinbring.
A Coincident Index for Texas Residential Construction. Is it possible to understand the direction of Texas residential construction activity? Yes, and this article explains how. Written by Jesus Cañas, Keith R. Phillips and Luis Torres.
Corpus Christi Industrial Development. Texans are concerned about the oil industry downturn, fearing another 1980s bust. But the Corpus Christi area is an example of how economic diversification creates employment opportunities that may counter the decline in the drilling sector. Written by Harold Hunt.
And speaking of oil...
Texas 2015 Housing Market and the Price of Oil. How much does the Texas housing market depend on oil prices? Not as much as you might think. Written by James P. Gaines.
Register Today for Our 2015 Land Conference
COLLEGE STATION (Real Estate Center) – Registration is open for our 25th Annual Outlook for Texas Land Markets conference.
The two-day event begins April 23 at the Omni Hotel at the Colonnade in San Antonio. Cost is $250 for just the conference and $270 for both the conference and TREC's MCE legal update course.
Our Outlook for Texas Land Markets is presented with Mays Business School at Texas A&M University in cooperation with Texas Chapter American Society of Farm Managers & Rural Appraisers, Texas Chapter Realtors Land Institute and the San Antonio Board of Realtors. Conference underwriter is Capital Farm Credit, and sponsors are Crockett National Bank, Lone Star Ag Credit and United Country Real Estate.
Four Appointed, One Reappointed to State Inspector Committee
AUSTIN (Texas Real Estate Commission) – The Texas Real Estate Commission (TREC) recently announced four new appointments and one reappointment to the Texas Real Estate Inspector Committee.
Dianna Rose of Bastrop and Doyle Williamson of Austin were appointed to six-year terms as inspector members.
Matt Hart of Austin was appointed to fill a two-year public member term, and Bryan Woods of San Antonio was appointed to fill the one-year public member term.
In addition to these new appointments, Barbara Evans, who has served as a public member of the committee for the past two years, was reappointed for another two-year term.
January BLS State-Level Employment Data Now Available
COLLEGE STATION (Real Estate Center) – January 2015 state-level employment data are now available on our website.
The data, which are searchable by state, MSA and county, are from The Current Population Survey (CPS), a monthly survey of households. The survey is conducted by the Census Bureau for the Bureau of Labor Statistics. It provides a comprehensive body of data on the labor force, employment, unemployment and persons not in the labor force.
For an in-depth analysis of Texas employment by industry and MSA, download our Monthly Review of the Texas Economy.
Four-Building El Paso Industrial Portfolio Sold
EL PASO (CBRE) – Arizona-based ViaWest Group has purchased a four-building, 245,745-sf industrial portfolio from Sullivan Crosby Trust of New York in an off-market transaction.
The buildings are approximately 50 percent occupied; short-term tenants bring it to 75 percent. They are south of I-10 in central El Paso, a submarket that was approximately 94.7 percent occupied as of fourth quarter 2014, according to CBRE research.
This is the first area acquisition for ViaWest Group. A host of rehabilitation projects are slated for the properties, including new roofs, landscaping, fencing, equipment replacement and more.
CBRE represented the seller and will assume leasing and management duties.
Former Bombay Co. HQ Changes Hands
FORT WORTH (CBRE) – The recently renovated, Class-A 550 Bailey office building in the city's Cultural District has a new owner.
Transwestern Investment Group, on behalf of Diversified International Partners, purchased the seven-story, 122,828-sf building, which was completely renovated in 2008. It has an adjacent multilevel parking garage and surface parking.
The building is the former headquarters for Bombay Co.
CBRE represented the anonymous seller.
500,000-SF Industrial Planned for Southwest Houston
HOUSTON (Cresa) – Cresa is planning a 500,000-sf Class-A industrial project on just over 32 acres on the city's southwest side.
Construction is slated to begin on Lower Kirby District in third quarter 2015.
The 181,000-sf first phase is 60 percent preleased. It is expected to be completed in summer 2016.
Multifamily Focus of Transwestern's Twitter Chat Tomorrow
HOUSTON (Transwestern) – Transwestern Development Company Managing Director Mark Culwell will lead a Twitter chat on multifamily development tomorrow (Wednesday, March 25) at 3 p.m. CST.
Participants can use #TWTalks to join. For more information, visit Transwestern's Twitter page.
News, News and More News
COLLEGE STATION (Real Estate Center) – Hungry 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:
- City of Austin multifamily report 4Q 2014
- McAllen crown jewel: 104,000-SF River Valley Center sells
- Victoria: Jags scratch up new digs
- Amarillo: Town Village Square = 2,600 acres
- Lubbock: Grace Health set to add 350,000-SF facility
NewsTalk Texas is updated each weekday, throughout the day.