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This was truly a “Yee-Hah!” year for housing in the Lone Star State, according to the 2015 Texas Annual Housing Report released by the Texas Association of Realtors.
Texas home sales and prices were on the rise throughout the year as the statewide housing inventory reached a two-year high—four months—during the third quarter. Luxury home sales and small land sales experienced the greatest activity: home sales priced at $1 million or higher grew between nine and 26 percent year-over-year in the state’s four largest metros, while small land sales increased 20.69 percent year-over-year.
The report also noted that median incomes for Texans in 2015 rose 5.9 percent year-over-year, which was more than double the growth rate of incomes nationally during the same time frame, while international homebuyers contributed more than $8.32 billion to the Texas economy in a 12-month period.
Texas’s business-friendly environment and strong job growth continued to attract new residents from out-of-state and internationally in 2015. Texas was the No. 2 state for gains in out-of-state residents, with more than 538,000 Americans relocating to Texas, according to the 2015 Texas Relocation Report. Additionally, international homebuyers contributed more than $8.32 billion to the Texas economy in a 12-month period, according to the 2015 Texas International Homebuyers Report.
“Texas’s 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,” said Scott Kesner, chairman of the Texas Association of Realtors.