Three Positive Indicators for Texas Real Estate
Posted by Mary Sallman on Wed, Jul 28, 2010
TEXAS REAL ESTATE
The economy is a big concern for us all today. Below are three articles cited by the Real Estate Online Center indicating that Texas is fairing well when compared to other states in terms of real estate value and job creation.
The Real Estate Center is located at Texas A& M University and is the nation's largest publicly funded organization devoted to real estate research. The Center's staff conducts research on financial, socioeconomic, public policy, trade, legal, land use and local market analysis issues related to real estate.
An overall positive trend in jobs and real estate absorption are important factors when deciding where to relocate for new employment, retirement or searching for good real estate investment opportunities.
THREE RECENT POSITIVE TEXAS REAL ESTATE INDICATORS
- In June, sales of existing homes in Texas dropped slightly from May, a downturn of 3.5% compared to a 5.1% decrease nationally.
- Texas is leading the economic recovery.
- Texas is only one of three states poised for recovery in 2012.
1. TEXAS HOME SALES
According to the
National Association of Realtors, purchases of existing single-family homes, condominiums and townhouses fell 5.1 percent in June from May to a seasonally adjusted annual rate of 5.37 million. Texas, according to the
Texas Real Estate Center dropped 3.5% in home sales from 22,496 in May to 21,717 in June.
COLLEGE STATION (Real Estate Center) – Texas is leading the United States in the current U-shaped economic recovery. The state’s economy experienced its second month of positive annual employment growth after 16 months of job losses.
Texas’ annual employment growth rate was 0.9 percent from June 2009 to June 2010 compared with a negative rate of 0.1 percent for the nation. After 17 months of job losses, the state’s private sector posted a positive annual employment growth rate of 0.4 percent.
The state’s seasonally adjusted unemployment rate rose from 7.8 percent in June 2009 to 8.2 percent in June 2010, while the U.S. rate in June was 9.5 percent, the same as in June 2009.
Six Texas industries — education and health services; mining and logging; professional and business services; leisure and hospitality; manufacturing; and transportation, warehousing, utilities — and the government sector had more jobs in June 2010 than in June 2009. Five other industries experienced net job losses over the same period.
WASHINGTON, D.C. (Chronicle of Higher Education) – According to a report compiled by Moody’s Investor Service, Texas is one of only three states poised for a recovery in employment by 2012.
Alaska and North Dakota join Texas in the slated 2012 recovery date. However, the report says more than half of the states will not recover until 2013, 2014 or later.
The report was cited in an article discussing the impact a slow recovery could have on public colleges across the United States.
Investment opportunities abound in Texas. Texas is poised for a good recovery. If looking for a land for retirement or investment, consider the Texas Hill Country. It is still a buyers market.