CORPUS CHRISTI, Texas — As our area's economy is slowly moving into the post-pandemic era, there are some interesting economic trends developing that could affect your pocketbook.
If you’ve been driving around the area looking for a house to buy, you know that’s a tough task these days. It seems like there’s only a few houses for sale in neighborhoods that historically would’ve had much more to offer a potential buyer.
"We’ve been talking to a lot of experts in this industry and they’ve never seen as tight of a sellers market as it is today and it’s also driving up costs," Iain Vasey, President and CEO of the Corpus Christi Regional Economic Development Corporation said.
Vasey and his organization put out a monthly economic trend study. One of the biggest trends seen is our skyrocketing real estate market. At this time last year, there were just over a thousand homes for sale.
Currently, the number has fallen by nearly 50-percent to around 538. That has pushed the price of the average home to $239,000.
"Your average family making average money probably cannot afford the average house in today’s market," he said. "Median home price is need to be somewhere around $180,000 would be our guess.”
Vasey added that there is going to be a need for more housing in the future because of the number of jobs that are on the way.
"Over a 10-year period, we’re probably going to add 40,000 jobs and that’s going to be at all levels high skilled, medium skilled and low skill levels and then we will probably add about 60,000 to the population," he said.
City Councilman Roland Barrera was encouraged by the economic trends that he saw in this study. Especially at the airport where last year, at this time, there had been just 72,000 passengers coming through the airport. By this year -- that number is already up to 102,000.
"We’ve got new leadership out there," Barrera said. "They’ve been out marketing to other communities trying to get more direct flights. You know, the challenge we have is either going to Houston or Dallas so I know they were trying to work with an area in Mexico. I think once again what makes that move is the economy."
Barrera was also happy to see that the unemployment rate is now down to 7.5-percent. He’s also encouraged by sales tax numbers which are up overall over last year’s total.
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