The Texas Annual Housing Report released today by the Texas Association of REALTORS® shows broad demand for Texas real estate and continued sales growth.
“Texas is a national leader in real estate growth, housing demand, and development, which attracts homebuyers from across the country and around the globe,” said TAR Chairman Leslie Rouda Smith. “Texas’s diverse economy, rapid population growth, and high quality of life continue to fuel home sales activity across the state.”
Despite economic headwinds, demand increased for multiple property types and market segments in 2016. Small land sales were the strongest segment of the Texas real estate market in 2016, with nearly 19% sales growth year over year. Condominium sales saw double-digit growth across most major metros, new-home sales activity continued at a strong pace, and sales of homes priced at $1 million and higher continued to rise in 2016.
Texas Quarterly Housing Report editions throughout 2016 showed that total sales are on pace for a record year, and Texas homes continue to have wide appeal. The Texas International Homebuyers Report showed that one in five international homebuyers from India choose to purchase a home in Texas. The Texas Homebuyers and Sellers Reportindicated that 30% of homebuyers in Texas were purchasing their first home, and single women in Texas were twice as likely to purchase a home than single men.
“The continued growth of the Texas housing market this year despite a slowing Texas economy has been remarkable,” Rouda Smith said. “As in 2016, housing development and affordability will remain key areas of focus throughout the state next year.”