The Texas Association of REALTORS® recently released their annual housing report for 2016, which showed ample growth in Texas housing demand among several types of property. According to the 2016 Texas Annual Housing Report, released Dec. 1, Texas real estate demand increased among several types of buyers as well.
“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 Leslie Rouda Smith, chairman of the Texas Association of REALTORS® in a press release. “Texas’ diverse economy, rapid population growth and high quality of life continue to fuel home sales activity across the state.”
According to the report, demand for Texas real estate grew among first-time buyers, single women and international home buyers over the last year. The Texas Homebuyers and Sellers Report showed that 30 percent of home buyers in the Lone Star State were first time buyers and that single women were twice as likely to purchase a home than single men.
As for international buyers, Texas is attracting more home buyers from Asia, with demand growing at a faster pace among buyers from that continent. According to the Texas International Homebuyers Report, international home buyers from India purchased more homes in Texas than any other state, with one in five buyers from India purchasing a home in Texas.
Different types of housing also saw higher demand in Texas. According to the Texas Condominium Mid-Year Sales Report, condo sales experienced double-digit growth in most of Texas’ major metropolitan areas in the first half of 2016.
New homes, luxury homes and small land parcels also saw higher demand in 2016. In fact, small land sales were the highest-performing segment of Texas real estate, with small land sales volume increasing nearly 19 percent year over year. According to research conducted by the Real Estate Center at Texas A&M University, Texans 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.
New-home sales activity maintained a strong pace in 2016. The Texas Homebuyers and Sellers Report showed that 30 percent of Texas homes purchased in a 12-month period were new homes. Meanwhile, the Texas Luxury Home Sales Report showed that sales of homes priced $1 million and higher continued to rise throughout the state.
If things continue at this pace, 2016 could easily be another record year for the Texas housing market.