The real estate industry in Texas is still showing desirable growth thanks, to the continued growth of the state, employment opportunities, and increasing population.
"The Texas real estate market has been firing on all cylinders in 2015. People are relocating to Texas from far and wide, homes in all price classes are in high demand and the number of available properties is slowly rising," said Scott Kesner, chairman of the Texas Association of Realtors.
According to the press release of the Texas Association of Realtors in PR Newswire, the 2015 Quarterly Report of Texas indicates that the state's real estate is on its way to have a record year in 2015. The statewide housing inventory reached a two-year high -- 4.0 months -- in 2015-Q3, while home sales and prices steadily increased throughout the year.
"Once again, the Texas housing market has exceeded expectations and is on pace to possibly set another record for home sales," said Kesner. "The market will remain highly competitive in 2016, making housing development and affordability [as] key areas of focus throughout the state."
The 2015 Texas Annual Housing Report shows that two of the strongest segments of the Texas housing market were luxury home sales and small land sales. The sales of small land have increased 20.69 percent statewide, while luxury home sales have increased as high as 26 percent in major metros.
The annual report also mentioned that more than 538,000 people have moved to Texas from out-of state and international homebuyers, which accounted for more than $8.32 billion in Texas.
"Texas' diversified economy and our state's enduring real estate demand shows that Texas remains to be a great place to live, work and do business," commented Kesner.
The 2015 Texas Annual Housing Report is a recap of all market research reports distributed by the Texas Association of Realtors each year. This includes insights from the 2015 Texas Relocation Report, the 2015 Texas International Homebuyers Report, the 2015 Texas Luxury Home Sales Report, the 2015 Texas Small Land Sales Report, the 2015 Texas Remodel Valuation Report, the 2015 Texas Condominium Mid-Year Sales Report, the 2015 Texas Homebuyers and Sellers Report, and the 2015 Texas Quarterly Housing Reports for Q1, Q2 and Q3.
