Category Archives: Texas

Arizona and Texas Lead Nation in Expected Job Growth

September 30, 2013
Market: Arizona, Texas

According to Moody’s Analytics, Arizona will lead the nation in job growth over the next five years—growth is expected to reach 3% annually—with Texas a close second. Other Hamilton Zanze markets in the top 10 for projected job growth include Colorado (#3), Nevada (#6), Utah (#7), and Oregon (#10).

Additionally, Moody’s forecasts that Arizona’s economy will grow 4.6% in the next year. Arizona Governor Jan Brewer credited business and sales tax cuts for the state’s continued bounce-back from the recession, saying: “This report reinforces Arizona’s commitment, as a right-to-work state, to business growth and success, and validates the work we have done to make the Arizona comeback a reality.”

Read more at Forbes.

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Austin Sees Record High Home Sales

August 31, 2013
Market: Austin, TX

There were 3,135 single-family homes sold in Austin in July. This was the highest recorded number for a one-month period and a 35% jump over July 2012. According to the Austin Board of Realtors, homes were listed for 41 days on average before being sold, which is a decrease of 23 days year-over-year. Home prices also rose 8% annually to $228,250, and Austin’s housing inventory fell from 4.3 months to 2.8 months year-over-year.

Here are some other quick facts about how Austin’s thriving housing market fared in July compared to last year:

  • Single-family home listings increased by 22%
  • Total dollar volume of single-family home sales jumped 43% to $933 million
  • Condo purchases rose 31% to 361

Read more at Austin Business Journal.

El Paso Apartment Market Takes a Step Back

August 21, 2013
Market: El Paso, TX

After leading the nation in apartment occupancies and rents during the worst months of the recession, the El Paso multifamily market is showing a decline. As reported by Hendricks-Berkadia, vacancy in El Paso jumped to 8.1% in Q2 2013, up 5.3% year-over-year. Rents fell 3% year-over-year to $784.

With the market slowing down, developers are now growing wary of overbuilding. During the first half of the year, developers requested permits for 1,070 units, up from 460 during the same period of last year. Currently, two apartment projects totaling 260 units are under construction, with one scheduled for completion in Q4 2013 and the next in mid-2014.

Read more at El Paso Inc.

 

Dallas Sees Increased Multifamily Construction and Transactions

August 13, 2013
Market: Dallas, TX

In Q2 2013, the Dallas apartment market saw year-over-year increases in both construction activity and multifamily transactions. As reported by CBRE, 3,645 units were delivered to the market in April, May, and June this year, with another 14,572 units under construction. Development is centered in central Dallas, where 7,466 units are being built.

Multifamily transaction activity also saw year-over-year increases, with $1.2 billion in investments changing hands during the first half of 2013. That is 30% higher than the same time last year. Cap rates also compressed slightly, falling from 6.4% to 6.3% year-over-year.

Read more at GlobeSt.com.

In Austin, Office Real Estate is on the Rebound

August 9, 2013
Market: Austin, TX

According to the NAI REOC, as a result of tens of thousands of new jobs and an influx of people relocating to Austin, the city’s office real estate sector is seeing dramatic increases in occupancies and rents. The city has added 28,700 jobs in the past year, and its population has increased by over 25,000. This population and employment growth have impacted the city’s office real estate market in a big way: only 12.3% of the 41 million square feet of office space sat vacant in the second quarter, down from last year’s vacancy rate of 14.7%. This increase in occupancy has sent asking rents shooting up $0.50 in the last year to $24.80.

    

Read the full article at GlobeSt.com.

Four HZ Markets Place in Monster.com’s Top 5

August 1, 2013
Market: Dallas, Houston, Phoenix, Seattle

 

Four of Hamilton Zanze’s markets placed in the top five in Monster.com’s recent ranking of the best American cities for employment growth. Dallas-Fort Worth came in first place, followed by Houston, Seattle, and Phoenix in second, fourth, and fifth place, respectively. Here are each MSA’s job gains in June 2013 from a year earlier, as reported by the U.S. Bureau of Labor Statistics:

 

  • Dallas- Fort Worth: 83,571 jobs
  • Houston-Sugar Land-Baytown: 75,827 jobs
  • Seattle-Tacoma-Bellevue: 72,128 jobs
  • Phoenix-Mesa-Glendale: 19,439 jobs

Read the original article at Phoenix Business Journal.

 

 

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Five HZ Markets Rank in Top 10 for Multifamily Permitting

August 2, 2013
Markets: Houston, Austin, Dallas, Denver, Seattle

Houston permitted 16,410 multifamily units from June 2012 to June 2013, the second-most of any metro, according to Axiometrics, Inc. Houston’s permitting numbers, which trail only New York City, are a 73% increase from a year earlier. In addition to Houston, four of Hamilton Zanze’s markets ranked in the top 10 for multifamily permitting over the last year: Dallas (11,679 units), Austin (11, 483), Denver (8,563), and Seattle (8,434).

Axiometrics reports that nationwide, rents grew 3.5% from their June 2012 levels, and occupancy increased 41 basis points.

Read the full article at GlobeSt.com.