RECON

Real Estate Center Online News

July 22, 2014


Texas Home Sales, Prices Up in June; Inventory Down

COLLEGE STATION (Real Estate Center) – Texas had a general increase in single-family existing home sales and prices last month compared with a year ago. Meanwhile, housing inventory dropped.

Sales were up 8 percent over June 2013. According to the latest Multiple Listing Service data, just over 29,400 homes were sold statewide last month.

The median home price was $193,700, compared with $180,800 in June 2013 — a 7 percent increase. The average price — $251,700 — was 5 percent higher than last year.

The state had a 3.8-month housing inventory, down 10 percent from a year ago.

To find housing data for your MLS area, visit the Center's website

Stop the Presses! Houston Chronicle Moving Out of Downtown

HOUSTON (Houston Chronicle) – Houston Chronicle Media Group announced plans yesterday to relocate most of its downtown workforce.

Employees from the Houston Chronicle, LaVozTX.com, Chron.com, and HoustonChronicle.com will move to the former Houston Post building at the 610 Loop/Southwest Freeway interchange.

The media company plans to significantly renovate the 21-acre site containing more than 440,000 sf of building space.

Hearst Corp., parent company of the Houston Chronicle, purchased the property when the Houston Post closed in April 1995.

The Chronicle's 473 employees are currently housed in a ten-story building at 801 Texas Ave. Over 500 employees work in the southwest facility.

Ad Valorem Seminar Early Registration Ends Aug. 6

COLLEGE STATION (Real Estate Center) – If you haven't registered for the Real Estate Center's Annual Legal Seminar on Ad Valorem Taxation, you still have time to get the early registration rate.

Cost for the popular seminar is currently $500. After Aug. 6, cost goes up to $530.

The seminar is Aug. 28–29 at the Hyatt Regency Hotel in San Antonio. Attendees will learn about the latest legal issues in ad valorem taxation, gain insight into how public policies are developed, understand current economic trends and examine appraisal practices.

The Center's website includes a detailed brochure and registration information.

California Omnitracs on Track for Dallas

DALLAS (Dallas Business Journal) – Omnitracs is moving from California to Downtown Dallas, bringing 450 jobs.

The company will lease about 100,000 sf in the area. The jobs will pay an average base salary of $50,000.

Omnitracs is the second recent California-based company to announce its move here. Active Network will occupy 200,000 sf.

The state is offering $3.9 million in incentives from the Texas Enterprise Fund to Omnitracs. City incentives will be added to the state grants.

Vista Equity Partners owns both Omnitracs and Active Network.

Austin Home Sales Reach June High

AUSTIN (Austin Board of Realtors) – According to the Multiple Listing Service (MLS) report released yesterday by the Austin Board of Realtors, area existing home sales last month reached an all-time high for June.

Nearly 3,000 homes were sold in June, 13 percent more than a year ago. Midyear statistics show sales increased 3 percent year over year to 13,426 homes sold, putting 2014 on pace to exceed last year's all-time high in sales volume.

The rise in housing stock has led to positive figures in both monthly housing inventory and home listings. Last month, the housing inventory was at 2.8 months, the highest since last August. New listings increased 2 percent year over year to 3,701, while active listings increased 6 percent year over year to 6,246.

The median price increased 7 percent year over year to $252,520, while the average price increased 8 percent to $326,998.

Homes spent an average of 39 days on the market, a decrease of four days from last June. The Austin Board of Realtors said this is the fastest homes have sold here since 2001.

The total dollar volume of single-family properties sold last month was just over $980 million, a year-over-year increase of 21 percent. Last month's total dollar volume comprised nearly one-fourth of the total dollar volume for midyear 2014.

Land Purchased for Cowtown Community

FORT WORTH (Dallas Business Journal) – Walton Group of Companies has purchased a large tract with plans to develop an 1,100-home master-planned community.

The group bought 268 acres by Chisholm Trail Pkwy. and is currently in discussions with builders for the project in Chisholm Trail Ranch.

Walton is also working with Crowley ISD on a planned elementary school site in the first phase of the community’s development.

Plans are to begin delivering home lots by the end of 2015.

The seller was Stratford Land and Legacy Capital.

Union Crossing Acreage Sold

HOUSTON (CBRE) – Union Crossing Development LP has purchased 104 acres at Union Crossing Industrial Park, located at Telge Rd. and Northwest Lake Dr. on the city's northwest side. The seller was Wyman Gordon Forgings.

The company previously purchased 26 acres on the site. The property development will be managed by American Commercial Contractors LLC.

The rail-served park contains multiple sites for build-to-suit opportunities, which will be designed and constructed by American Commercial Contractors, principal to Union Crossing. The tract is served by Union Pacific railroad and includes all utilities for light to heavy industrial projects.

American Commercial Contractors is currently constructing a 45,000-sf tilt-wall facility for DTL Technologies in the park, and three other sites are under negotiation.

CBRE’s Houston office brokered the transaction on behalf of the buyer. Cushman and Wakefield represented Wyman Gordon Forgings.

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:

NewsTalk Texas is updated each weekday, throughout the day.

Store RedZone Podcast RSS logo Twitter Facebook YouTube Mays Business School
© 2014. REAL ESTATE CENTER AT TEXAS A&M UNIVERSITY. ALL RIGHTS RESERVED. TERMS OF USE.