The Lone Star State’s housing industry of 2014 was a triumph for home sales, according to the 2014 Texas Annual Housing Report released today by the Texas Association of Realtors (TAR).
According to the report, a great deal of the success can be attributed to people flocking into the state: Texas receives more out-of-state residents than any other state–more than 584,000 people moved to Texas from out of state in 2013–and it is also a leading in home sales from international buyers, with $11 billion in home purchases from people coming from outside of the United States. Sales growth has been tracked on all types of properties, ranging from modest ranchettes to sprawling luxury homes, while a low housing inventory level helped spur condominium and town home sales to become the fastest-growing segment of the local housing market.
“It’s a great time to live in Texas,” said Dan Hatfield, chairman of the Texas Association of Realtors. “The high demand for Texas real estate is not being fueled by speculation and investment activity–it's driven by the thousands of people who move to the Lone Star State daily. People are moving to Texas from across America and around the world to take part in our state’s booming economy, business-friendly environment and quality of life.”
Hatfield predicted that 2015 will see a reprise of this year’s vibrancy.
“The Texas housing market will likely continue to be highly competitive in 2015, but rising housing development and inventory levels as well as greater access to homebuyer education programs like those promoted through ‘Get Ready Texas’ will help make the dream of homeownership attainable for all Texans,” Hatfield, said. “This has been a glowing year for Texas real estate, and 2015 is on-pace to be just as bright.”
