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Austin, Dallas, Houston and San Antonio had an average 1 percent decrease in condo sales between January and May 2015. While Dallas and San Antonio posted small annual gains of 3 percent and 6 percent, respectively, condo sales decreased 1 percent year-over-year in Houston and 12 percent in Austin.

"The land and development costs for condominiums in Texas’ metro areas are so high that new condos being built today are priced outside of an affordable price range for many first-time homebuyers and buyers with lower household incomes," said Real Estate Center Research Economist Dr. Jim Gaines. "Existing condos, by comparison, are priced significantly less than new condos and therefore have a much higher demand and tighter inventory. In several of Texas’ metro areas, existing condos and townhomes are driving sales in that segment of the housing market."