Jerald Turboff is a Texas real estate executive and consultant. Jerald Turboff established Prime Capital Corporation, a company that brokers both residential and commercial real estate transactions in Texas.

Considered by many the hottest real estate market in the country, Texas has seen record growth in home prices and sales in recent years. The prices for homes in some areas have grown by up to 10 percent while the total number of homes sold in some areas has increased as much as 50 percent. Although exceptional in many ways, the growth is explainable.

In recent years, oil prices have steadily increased, resulting in high gas prices around the nation. As the chief domestic suppliers of oil, Texas oil companies and associated businesses have experienced increased production and revenues. According to the Railroad Commission of Texas, from 2009 to 2014, the amount of oil produced in Texas virtually tripled. At the same time that prices for crude oil swelled, the Texas economy experienced a surge, which enabled the growth of the real estate industry. 

For more than 25 years, Jerald Turboff has served as the president of Prime Capital Corporation, a real estate brokerage based in Houston. Jerald Turboff has primarily focused on commercial and residential transactions in Texas.

According to a report from the Real Estate Center at Texas A&M University, recent data from the Multiple Listing Service (MLS) indicates that home sales in Texas were 7 percent higher in August 2015 compared to the same month in 2014. The data also showed a more than 7 percent year-over-year increase in the median Texas home price.

In the September 2015 report, the Real Estate Center stated that 29,685 homes sold in Texas in August, which is nearly 1,900 more than the previous year. The report also showed that home sales and prices increased or remained steady year-over-year in all of the state’s major cities, with Dallas and Fort Worth displaying the most improvement.

While home sales in Texas declined from July 2015 to August 2015, the Real Estate Center noted that the decrease in sales is due to the normal seasonal slowdown. The Real Estate Center’s chief economist Dr. Jim Gaines explained that the Texas market remains strong overall, although demand has waned in areas impacted by the energy sector slowdown and low oil prices. 

Texas is home to some of the nation’s most affordable housing, according to new real estate research. The state ranked in the top 10 in housing affordability in a recent national survey that looked at home prices across the United States. Only eight states, Nebraska, Iowa, Georgia, Kansas, North Dakota, South Dakota, Mississippi, and Oklahoma, rated ahead of the Lone Star State. The state’s average list price for a four-bedroom, two-bathroom home stands at $186,144.

Within Texas, several cities rated high in affordability, including Terrell, which ranked 17th. Six other communities—Garland, Alvarado, Kaufman, Hartland, Duncanville, and Lancaster—rated among the nation’s 100 most affordable. The large cities of Dallas and Houston ranked 585 and 613, respectively.

The national study compared the average price of four-bedroom, two-bathroom homes for sale in 2,500 markets in the United States.

About Jerald Turboff: The President of Prime Capital Corporation, Jerald Turboff has spent more than four decades in the Texas real estate industry.