Report: Houston homeownership rate reaches 15-year high

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Pandemic or not, homeownership in Houston has broken some records recently.Photo by Ariel Skelley/Getty

Propelled in large part by rock-bottom interest rates for mortgages, the homeownership rate in Houston is knocking on the door of its highest level in at least 10 years.

An August 12 report from the Texas A&M Real Estate Center shows that in the second quarter of 2020, the Houston metro area experienced its highest homeownership rate since the center started recording the regional rate in 2005. The area's homeownership rate was 68.2 percent in the second quarter of this year, up from 65.5 percent in the previous quarter and up from a low of 57.6 percent in the fourth quarter of 2017.

The upward trend mirrors what's happening statewide. In June, Texas' homeownership rate hit a new high mark.

According to the report, a record 67.5 percent of Texans owned their homes in the second quarter of this year, up from 64.5 percent in the first quarter and from the record low of 60.8 percent in the fourth quarter of 1997.

"Despite falling sales in April and May, Texas' second-quarter homeownership rate was the highest since recordkeeping began in 1996. Texas now lags the national rate by only half a percent, the smallest in eight years," James Gaines, the center's chief economist, says in an August 12 release.

Here's how the numbers break down in the state's other large cities:

Among the state's four major metro areas, Austin saw the steepest climb in the homeownership rate. The rate jumped to 65.3 percent during the second quarter of 2020 from 59.4 percent in the previous quarter. Since the real estate center began tracking Austin's homeownership rate in 1996, the highest rate was 69.3 percent in the third quarter of 2006 and the lowest rate was 49.2 percent in the fourth quarter of 1996.

The homeownership rate in DFW hit 64.7 percent in the second quarter of this year. That's up from 62.7 percent in the first quarter of 2020 and slightly below the high mark of 65 percent in the first quarter of 2010. The real estate center started tracking DFW's homeownership rate in 2005.

In the San Antonio area, the second-quarter homeownership rate was sandwiched between its highest-ever and lowest-ever rates since 1996. The rate for this year's second quarter stood at 66.2 percent, up from 66 percent in the previous quarter. Since 1996, the highest rate was 76 percent the fourth quarter of 2004 and the lowest rate was 56.3 percent in the first quarter of 1996.

Spikes in homeownership rates across the state's four major metro areas came despite a recent jump in median sale prices. Real estate platform Zillow reports that as of the end of June, the median sale price of a single-family home was:

  • $256,400 in Houston, up 1.7 percent from the same time a year ago.
  • $246,753 in San Antonio, up 3.8 percent from the same time a year ago.
  • $289,000 in DFW, up 2.3 percent from the same time a year ago.
  • $342,345 in Austin, up 3.7 percent from the same time a year ago.

Gaines says pent-up demand and record-low mortgage rates pushed statewide home sales up 29.4 percent in June.

"Texas homes are selling at a record pace. A dwindling supply of active listings and a resurgence in home sales pulled Texas' months of inventory down to an all-time low of 2.8 months," according to the real estate center's report.

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This article originally ran on CultureMap.

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US Latinas are contributing to the Houston economy at a volume worth celebrating

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Hispanic Heritage Month provides an opportunity each year to reflect on the impact Hispanics have made in our culture. Whether we recognize it or not, we experience this impact year-round through our food, sports, business, politics, science, education and the arts. Yet, one of the most important and lasting impacts that isn’t often celebrated is the role the Hispanic community plays in accelerating economic growth.

The recently released U.S. Latina GDP Report, commissioned by Bank of America, reveals a powerful truth: Latinas are a driving force in the U.S. economy, contributing $1.3 trillion to the GDP in 2021.

In fact, Latina economic output has grown over 50 percent in a decade - far outpacing the growth rate of any other segment. Today, the Latina GDP is larger than the entire economy of Florida, and that of every other state except California, New York and Texas.

This rapid rise reflects the resilience, hard work and entrepreneurial spirit of Latinas across the country. Here in Houston, these statistics are evident in the contributions of Latinabusiness owners who are driving our local economy and revitalizing our community.

Known as one of the most ethnically and culturally diverse cities in America, Houston is bolstered by an ever-growing Latino population. With over 2.8 million Hispanic and Latino residents in 2023, the Houston metropolitan area is home to the fourth-largest Hispanic and Latino population in the nation. Latina entrepreneurs are playing a vital role in shaping our economic landscape. About 25 percent of all Latino-owned businesses in Texas are owned by Latinas. To provide perspective, there are more than 11,000 Latino-owned businesses in Houston that are preserving the heritage of our community while fueling economic growth.

When it comes to college education, the number of Latinas with a bachelor’s degree or higher increased 103 percent between 2010 and 2021, while the number of highly-educated non-Hispanic females increased only 38.3 percent. And despite being just 9.3 percent of the U.S. population, Latinas are responsible for 30.2 percent of the U.S. labor force growth since 2010.

Through this increased educational attainment and powerful entrepreneurial mindset, Latinas continue to build thriving businesses that uplift their local communities, propel economic mobility and create generational wealth. They provide valuable services and act as role models, showing the next generation what is possible with dedication and opportunity.

As we celebrate Hispanic Heritage Month and the significant role Latinas play in our nation’s economic growth, we applaud the women who are strengthening our city, local communities and beyond.

These women are not just contributing to the economy; they are giving life to it.

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Elizabeth Romero is the managing director of business banking and Central and Southwest Region executive at Bank of America Houston.

Rice University announces partnership with Houston sports tech startup to enhance student athletics

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Rice University — in an effort to enhance athletics and research-driven innovation — has formed a partnership with a startup founded by its alumni.

BeOne Sports, a sports performance technology company developed a platform for mobile motion-capture AI and advanced data analytics, will integrate its technology within Rice's sports medicine and rehabilitation programs.

“This partnership aligns perfectly with Rice University’s mission to harness innovation for the betterment of our community,” Rice President Reginald DesRoches says in a news release. “By integrating cutting-edge technology from BeOne Sports with our already world-class athletic and academic programs, we are providing our student athletes with the tools they need to excel both on the field and in life. This collaboration is a testament to Rice’s commitment to leading through innovation and offering unparalleled opportunities for our students.”

Rice MBA alumni Scott Deans and Jason Bell founded the company alongside former Rice student-athlete James McNaney. BeOne's “Comparative Training” technology uses artificial intelligence and computer vision technology to support elite-level training, per the Rice release.

“BeOne Sports was born from the collaborative environment at Rice, where business leaders and engineers work together to solve real-world problems” Deans, who serves as CEO of BeOne Sports, adds. “We’re thrilled to continue that journey with Rice Athletics as we build the world’s first human recognition models specifically designed for sports performance and beyond. Our mission is to provide cutting-edge technology to maximize potential in the simplest, fastest and most versatile ways possible. This partnership with Rice is an exciting step toward democratizing access to sports technology for athletes and coaches at all levels.”

Tommy McClelland, vice president and director of athletics, says the new technology will allow enhanced athlete monitoring that will contribute to rehabilitation and injury prevention.

“At Rice Athletics, we are always striving to be at the forefront of innovation, and our partnership with BeOne Sports exemplifies that commitment,” he says. “By leveraging their state-of-the-art AI technology and data analytics, we can elevate how we support and develop our athletes — ensuring they are healthier, stronger and better prepared to succeed both athletically and academically. We’re excited about how this collaboration will position Rice as a leader in athlete care and performance.”

Additionally, the partnership will create academic and professional development opportunities for students, faculty, and other Rice community members, something that Rice's Office of Innovation seeks to offer in its continuing dedication to fostering an ecosystem of innovation, says Paul Cherukuri, Rice’s chief innovation officer.

“BeOne Sports exemplifies the innovative spirit we champion at Rice, where entrepreneurship and engineering excellence converge,” he says. “As a startup founded by former Rice MBA students and athletes in collaboration with our computer science engineers, BeOne reflects Rice’s dedication to cultivating talent and driving transformative change. This partnership showcases how our innovation ecosystem is expanding beyond business into athletics, creating new opportunities that benefit both our students and the world at large.”

Houston legal tech platform raises $8M series A, plans to hire

fresh funding

Houston-based DocJuris, a leader in AI contract review, announced the successful closure of its series A funding round by raising $8 million in new capital. This brings the total capital raised to date to $11.2 million.

"DocJuris AI has become an industry-leading platform that empowers enterprise legal, procurement, and sales teams to close deals faster while reducing risk," DocJuris CEO and Founder Henal Patel says in a news release. "With this funding, we will continue scaffolding our platform around generative AI, expand our customer success team, and grow our user base."

The most active venture capital firm in Texas Silverton Partners led the round with participation from previous investors Watertower Ventures, Surface Ventures, and Seed Round Capital.

Companies like Siemens, Dell, FedEx, Toyota, and Duke Energy already use DocJuris with its AI-powered contract negotiation software that automates imporrant tasks during the review, redlining, and negotiation of contracts. DocJuris uses a platform to screen third-party contracts in seconds, can redline clauses with playbook-compliant edits in one click, and also generate formatted track changes, exception tables, and amendments with a cloud-based application.

The Association of Corporate Counsel, awarded DocJuris the Value Champion Award in 2023 due to the reduced contract cycle times to minutes with AI.

“We wanted to replace repetitive, manual tasks and free up valuable time for our employees to focus on more impactful work,” lead attorney for Flex's Global Procurement and Supply Chain Iringo Csifo-Nagy adds. “To achieve this, we developed a turnkey solution for AI-driven contract reviews together with the DocJuris team."

In its first round of funding in 2021, DocJuris raised $3.2 million in seed capital.

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