TEXAS - Texas continued to be a national leader in economic, population, and housing market growth in 2014, yielding significant growth in all areas of Texas real estate over the last year, according to the 2014 Texas Annual Housing Report released by the Texas Association of REALTORS® (TAR).
Texas currently gains more out-of-state residents than any other state and is a leader in home sales from international buyers.
September’s 2014 Texas International Homebuyers Report showed that home purchases by international homebuyers reached its highest level in five years, contributing more than $11 billion to the Texas economy in a 12-month period.
The 2014 Texas Homebuyers and Sellers Report released in March reported that Texans’ median household incomes rose significantly in 2013, increasing 9.6 percent year-over-year to $91,700. This is nearly double the nationwide increase of 5.6 percent to $83,000 during the same time frame.
Luxury home sales surged to become one of the fastest growing price classes ($1 million or more) within the Texas housing market. January’s 2014 Texas Luxury Home Sales Report reported an average 35 percent year-over-year increase for luxury home sales in Texas’s four major metros in 2013.
Housing development picked up significantly over the last year, with new home sales in Texas outpacing those nationally by more than half according to the 2014 Texas Homebuyers and Sellers Report released in March.
Low inventory levels drove Texas condominium and townhome sales to be the fastest-growing segment of the housing market, increasing an average 10.5 percent in Texas’s four major metros in the first half of 2014.
Dan Hatfield, chairman of TAR concluded, “The Texas housing market will likely continue to be highly competitive in 2015. This has been a glowing year for Texas real estate, and 2015 is on-pace to be just as bright.”
Click here to see the full 2014 Texas Annual Housing Report from TAR.
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