unemploymentThe unemployment rate for Dallas-Fort Worth held relatively steady in July, Dallas ISD seeks volunteers for 2020 bond subcommittees, and we find out what county in Texas is shrinking the fastest, all in this week’s roundup of real estate news.

Dallas-Fort Worth Unemployment Rate Holds Relatively Steady in July

The unemployment rate in the Dallas-Fort Worth-Arlington MSA rose only slightly from 3.3 in June to 3.4 in July, the Texas Workforce Commission reported last week. However, 3.4 is still an improvement year-over-year, when the rate was 3.7 in July 2018. (more…)

MetroTexThe MetroTex Association of Realtors is now accepting applications for board of director candidates, Texas unemployment numbers inched up slightly, and community opinion is being sought for the Harold Simmons Park — and you can read about all this and more in this week’s roundup of real estate news. (more…)

Nonfarm employment Dallas Metro

If you want to know why growth in Texas real estate markets is outpacing other states, look no further than our great state’s unemployment rate. Like a mushroom that sprouts overnight, Texas’s seasonally adjusted unemployment rate is 6.5 percent — an entire percentage point lower than the national average, according to the Real Estate Center at Texas A&M University.

Job growth, combined with a healthy financial sector that leads in high-paying jobs, means that more people will be able to afford a mortgage. That’s the conclusion you’re supposed to draw from the report compiled by economists Mark Dotzour and Ali Anari.

But while Dallas real estate is selling like hotcakes, I was surprised that the Dallas-Plano-Irving area only ranked sixth in job growth, with Midland and  Odessa in first and second place, Fort Worth-Arlington in third,  Austin-Round Rock-San Marcos in fourth, and Houston-Sugar Land-Baytown in fifth.

Bone up on the statistics in every market by reading the full report on the Real Estate Center’s website.

According to giant Moving.com, an online source for moving-related services, millennials love Dallas. Like, a whole lot.

Seems that with the job market so tight and everything pretty sucky once they graduate from college, millennials are shunning NYC and the We$t Coa$t for cities with job growth and affordable housing. And guess what, we have both. The cities topping the millenial-friendly list include number one Dallas; Tallahassee; Athens, Ga.; Phoenix; and Pittsburgh.

This was all based on local unemployment rates, affordable rents and home prices and the presence of communities that appeal to Generation Y.

Not sure if that would be the Arts District or the new breweries going up in Trinity Groves.

Dallas’ unemployment rate is well below the national average at 6.5%, and our average monthly rents don’t kill you at $1,314. And this is preaching to the choir: I know what great values our homes are and preach it: median home listing price of $204,900, likely a three bedroom, two bath that is not falling apart.

Tallahassee has cheaper rents at $787 a month, and real estate is cheaper with the median list price holding steady at $159,000. Unemployment in Tallahassee is also low at 6.7%.

But Tallahassee sure has more bugs than we do.

Phoenix rents are cheaper than in Dallas, $828 per month, but I’ll bet the A/C bills more than make up for that. I still do not get Phoenix — all you have is golf, palm trees and pretty mountains. More suitable for Baby Boomers, I would think, who golfs any more? Still, Phoenix holds a 6.6% unemployment rate. Home prices also are a steal but that’s because they went nuts during the boom. Median value home is holding at $185,500.  And that probably was a $500,000 at the height of the boom.

For some reason, Pittsburgh is on this list. OK, it has a 6.3% unemployment rate, average rents in the $1,074 per month range and a median home list price of approximately $143,250. Also snow, sludge, and it’s in Pennsylvania. Aside from Carnegie Mellon University and Chatham College, I don’t get it.