Real estate
BY RACHEL LELAND
Home Edition
2024
Readers, welcome to your annual CI Home Edition! This guide features news such as key real estate trends and new developments unique to your neighborhood, as well as an overview of the housing industry across Texas. All of the stories were written by our team of local journalists, and all of the advertisements are from nearby businesses who support our mission to provide free, useful news—show them your gratitude by supporting local businesses. In this edition, we provide updates on an ongoing challenge across both the Bay Area and the state of Texas regarding home insurance premiums. We also dive into short-term rentals in the area, how they affect the local housing markets, and what city and county officials are doing to try and regulate them. We have an update as well on the status of several housing developments on the west side of League City. As per usual, we have data listings showing how the real estate market in June compared to the same month last year. In the middle of producing this paper, Hurricane Beryl hit the Greater Houston area, creating many challenges for residents and their homes in terms of power loss, flooding and wind damage. While not specifically in this guide, our coverage of the storm both online and in this month’s paper detail some of the struggles residents have gone through following the storm, as well as what city officials are doing to help speed up the recovery process.
What's inside
Updates on housing developments on west side of League City (Page 19)
James T. Norman Editor jnorman@ communityimpact.com
Real estate data for June 2023 vs. June 2024 (Page 21)
Officials look at how to manage short-term rentals (Page 22)
Bay Area residents voice concerns over insurance premiums Hurricane Ike, as well as inflation and supply chain issues have contributed to rising insurance costs due to past shortages in lumber and other materials. However, that explanation hasn’t convinced residents like Roth. Texas and U.S. insurance premium rate change by year
As Texas state legislators consider how to mitigate the rising costs of insurance policies, local consumer advocates in the Bay Area are encourag- ing Texas homeowners to get involved. The gist Ahead of a Sept. 17 hearing on the economic challenges of rising insurance premiums, the Texas House State Affairs Committee is seeking input from Texas homeowners concerned with unmanageable insurance rates. As part of that effort, more than 200 people attended a public meeting June 27 to discuss rising premiums at the Bay Area Community Center in Seabrook. Consumer advocate John Cobarruvias hosted the meeting, with those in attendance including consumer advocacy organization Texas Watch and staff from the offices of Texas Sen. Mayes Middleton, R-Galveston, and Texas Rep. Dennis Paul, R-Houston. Event attendee Lisa Roth, a Clear Lake home- owner for over 24 years who began selling real estate in the area in 2017, said she’s noticed the increase in premiums in recent years, comparing it to “four months worth of mortgage payments.” Community Impact previously reported that the series of storms, including Hurricane Harvey and
While the U.S. has seen home insurance premium rates increase each year since 2018, Texas has had the highest rate increase of all states in that time.
“That argument carried water a few years ago … when we had the supply chain crisis going on,” Roth said. “Prices have gone down for building materials compared to how they were.” The background According to a January S&P report, Texas had the nation’s highest effective rate change in premiums. The national average for homeowners insurance is $2,230 per year for $300,000 in dwelling cover- age, according to Bankrate. In Texas, the average homeowners insurance premium is $3,726, which is 67% higher than the national average. Kemah and Galveston are among the highest in the state for average premiums. Stay tuned Those interested in the hearing can attend at the Texas State Capitol, 1100 Congress Ave., Austin on Sept. 17 at 9 a.m., or send communications to their respective state representatives.
Texas
United States
2021
2022
2023*
+5.1% +3.8%
+10.7% +6.2%
+23.3% +11.3%
SOURCE: S&P GLOBAL/COMMUNITY IMPACT
*AS OF DEC. 29
“I’m glad the state has realized there is yet another insurance crisis in Texas and are soliciting input from consumers. The hearing is an opportunity for citizens to voice their concerns about the insurance crisis.” JOHN COBARRUVIAS, RESIDENT AND CONSUMER ADVOCATE
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COMMUNITYIMPACT.COM
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