Economy
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Texas total nonfarm employment fell for the second consecutive month. The unemployment rate increased to 4.1 percent after sitting for three months at 4 percent. The rate of inflation continues to make progress with the Consumer Price Index (CPI) dropping to 2.9 percent year over year (YOY) in July from 3 percent YOY in June, and home sales bounced back after a major drop in June.
August saw a fall in home sales and a continued rise in building permits. New listings increased almost 14 percent, driven largely by the Houston metro recovering after Hurricane Beryl. The storm did not have the same degree of impact on sales. Home prices fell slightly to $335,494.
Border employment grew in 2Q2024 but not enough to prevent an increase in the unemployment rate. Housing sales had a better second quarter this year than last year, and home prices increased in three of the four border metros.
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