The Texas Home Buyers and Sellers Report, released Thursday by the Texas Association of Realtors, said 30% of Texas homes purchased in a 12-month period were new.
The report also said 30% of sales in Texas were to first-time home buyers and that single women were twice as likely to purchase a home than single men.
“Texas is a national leader in real estate growth, housing demand and development, which attracts home buyers from across the country and around the globe,” said Leslie Rouda Smith, chairman of the Texas Association of Realtors. “Texas’ diverse economy, rapid population growth, and high quality of life continue to fuel home sales activity across the state.”
Condominiums, new homes, luxury homes and small land parcels also saw higher demand. The Texas Condominium Mid-Year Sales Report showed condominium sales experienced double-digit growth in most of Texas’ major metropolitan areas in the first half of 2016.
Small land sales were the highest-performing segment of Texas real estate, with small land sales volume increasing nearly 19% year over year. According to the Real Estate Center at Texas A&M University, Texas families are increasingly viewing small land purchases as a wise investment strategy as well as making land purchases for a second home, recreational property or agricultural operation.
The 2016 editions of the Texas Quarterly Housing Report indicated that the total number of Texas home sales is on track for another record year in 2016. Texas home sales posted modest, but steady gains throughout the year, while statewide housing inventory continued to remain low.
