Texas Real Estate Growth is Something to Celebrate
It’s nothing but good news when talking about the economy and housing in Texas. The 2015 outlook continues to be positive as stated in a recently released report from the Texas Association of Realtors. This partnership of a large community of realtors annually releases a report of housing trends over the past year. They reaffirmed many predictions made in 2014 for the thriving Texas real estate market.
Across the board the year has been a success, with every sector of Texas real estate experiencing “significant” growth, says Dan Hatfield, chairman of the association. “Over the last year, however, we saw several areas of Texas real estate that were still recovering from the recession in 2012 really begin to take off in 2013 and 2014, including luxury home sales and housing development,” Hatfield added. Luxury home sales was the fastest growing sector in the Texas market last year. This category grew 35% year-over-year in the top four metro areas of Houston, Austin, Dallas and San Antonio.
In addition to the jobs and economy that contributed to a fantastic 2014, domestic migration was a major player in the booming housing numbers and depletion of available real estate. People are moving from California, Florida and other states at a record pace. In 2013, Texas gained more out-of-state residents than any other state in the nation with 584,000 people making their way to Texas.
“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,” added Hatfield.
A combination of all of these factors seem to lean in the direction of the seller instead of the buyer. If you are thinking of purchasing Texas real estate, don’t worry, 2015 could be your year to make a move - literally and figuratively.
“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.
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