The 2015 Texas Annual Housing Report, a recap of all of the market research reports distributed by the Texas Association of Realtors, shows that Texas is on pace for a record year for real estate in 2015. The report indicates that Texas made a strong showing in all segments of the housing market, due to a growing state economy and growth in jobs and population. In 2014, the state was just short of an all-time high, but the report indicates this may be the year for a record number of home sales.
Here are a few of the findings of the 2015 Texas Annual Housing Report:
Texas home sales and home prices have shown increases throughout 2015.
Inventory reached a two-year high of four months’ supply, still 2.5 months short of a balanced market, according to standards put forth by the Real Estate Center at Texas A&M University.
Luxury home sales and small land sales were two of the strongest segments of the Texas housing market. Luxury homes, priced $1 million and up, rose between nine and 26 percent year-over-year in the four largest metros. Small land sales increased 20.69 percent from 2014, to 5,282 small land sales.
Median incomes for Texans rose 5.9 percent year-over-year, doubling the national pace.
As far as population, Texas was the second state in the nation (second to Florida) for relocation from out-of-state residents, with more than 538,000 Americans relocating here. The top state for relocations to Texas was California. International homebuyers contributed more than $8.32 billion to the state economy in a 12-month period.