Texas condo sales up, townhome sales down in first half of 2016Texas condo sales up, townhome sales down in first half of 2016https://www.recenter.tamu.edu/news/newstalk-texas/?Item=137862016-07-08T05:00:00Z2016-07-08T17:00:00Z

​​AUSTIN – During the first half of 2016, demand for condominiums in Texas’ four largest markets was greater than demand for townhomes and single-family homes among young professionals and retirees, according to the Texas Condominium Mid-Y​​ear Sales Report​.

This is the first time in the report’s history that condo and townhome statistics have been reported separately.

Austin, Dallas, Houston,​ and San Antonio all had increases in condo sales between January and May 2016 compared with the same period last year. Townhomes in the major Texas metros saw a slight year-over-year decrease.

Condos showed double-digit median price gains in three of the four metros (Austin was the exception).

Townhomes had smaller price increases in three metro areas, with San Antonio having a slight decrease. While the median price of condominiums and townhomes is still lower than single-family homes in most areas, the price-per-square-foot is significantly higher.

“A challenge facing new Texas condo and townhome developments is that these types of housing, similar to single-family, are generally not being built for under $200,000 due to high land and labor costs,” said Real Estate Center Chief Economist Dr. Jim Gaines.

“However, the older, existing condos are typically the predominant properties left in Texas’ major metro areas that can be purchased for under $200,000, the price range best suited for first-time, entry-level homebuyers.”​

Texas Association of REALTORS
https://www.texasrealestate.com/news-releases/release/texas-condominium-sales-up-townhome-sales-down-during-first-half-of-2016Read more at {Source}

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