AUSTIN, Texas, Dec. 1, 2016 /PRNewswire-USNewswire/ -- The demand for Texas real estate grew in 2016 with robust sales activity among several types of property, according to the Texas Annual Housing Report released today by the Texas Association of Realtors.
"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. "Texas' diverse economy, rapid population growth, and high quality of life continue to fuel home sales activity across the state."
Texas real estate demand increased among first-time homebuyers, single women and international homebuyers over the last year. The Texas Homebuyers and Sellers Report showed that 30 percent of homebuyers in Texas were first time homebuyers and that single women were twice as likely to purchase a home than single men.
According to the Texas International Homebuyers Report, Texas real estate is increasingly in demand among international homebuyers from Asia. International homebuyers from India purchased more homes in Texas than any other state, with one in five homes purchased by Indian homebuyers in Texas.
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 percent 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.
New-home sales activity continued at 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, while the Texas Luxury Home Sales Report showed that sales of homes priced $1 million and higher continued to rise throughout the state.
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.
Chairman Smith concluded, "The continued growth of the Texas housing market this year despite a slowing Texas economy has been remarkable. As in 2016, housing development and affordability will remain key areas of focus throughout the state next year."
About the Texas Annual Housing Report
The Texas Annual Housing Report is a compilation of all market research reports produced by the Texas Association of REALTORS® each year. The 2016 edition includes insights from the Texas International Homebuyers Report, Texas Luxury Home Sales Report, Texas Small Land Sales Report, Texas Remodel Valuation Report, Texas Condominium Mid-Year Sales Report, Texas Homebuyers and Sellers Report, and 2016 Texas Quarterly Housing Reports for Q1, Q2 and Q3. To view the Texas Annual Housing Report, visit TexasRealEstate.com.
About the Texas Association of REALTORS®
With more than 110,000 members, the Texas Association of REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We advocate on behalf of Texas REALTORS® and private-property owners to keep homeownership affordable, protect private-property rights, and promote public policies that benefit homeowners. Visit TexasRealEstate.com to learn more.
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SOURCE Texas Association of Realtors