TAR report: Texas housing market shows strong gains in 2015

​​AUSTIN – Texas real estate made a strong showing in all segments of the housing market in 2015 thanks to continued growth in the state’s economy, jobs, and population, according to the 2015 Texas Annual Housing Report released today by the Texas Association of Realtors.

Home sales and prices steadily increased throughout the year, while statewide housing inventory reached a two-year high — four months — in third quarter 2015.

Two of the strongest segments were luxury home sales and small land sales.

According to the 2015 Texas Luxury Home Sales Report, home sales priced at $1 million or higher grew between 9 percent and 26 percent year-over-year in the state’s four largest metros.

Small land sales also had double-digit growth, with 5,282 small land sales statewide. This was a 20.7 percent increase over last year.

Condominium and townhome sales in Texas continued to be strong, remaining fairly consistent with the previous year’s sales volume. Existing condos spent less time on the market than new condos, as rising land and development costs may make new condominiums less affordable for some buyers.

Meanwhile, remodeling projects continued to gain popularity and profitability, with smaller, functional projects that boosted a home’s curb appeal recouping the highest percentage of project costs.