TEXAS – Condominium Sales Lead Texas Housing Market Growth for First Half of 2014
Digital Journal: Condominium Sales Lead Texas Housing Market Growth for First Half of 2014
By Danielle Urban
July 1, 2014
AUSTIN, Texas–(Business Wire)–Condominiums and townhomes were the fastest growing segment of the Texas housing market during the first half of 2014, according to the 2014 Texas Condominium Mid-Year Sales Report. Released today by the Texas Association of Realtors, the report shows double-digit growth in condominium (condo) and townhome sales among Texas’ four major markets.According to the report, Austin, Dallas, Houston and San Antonio experienced an average 10.5 percent jump in condo sales between January and May 2014. Individually, San Antonio condo sales jumped 18 percent, followed by Austin at 14 percent, Houston at six percent and Dallas at four percent.Dan Hatfield, chairman of the Texas Association of Realtors, explained: “The thriving economic growth in Texas’ major metro areas has led to a revitalization and redevelopment of our urban centers, providing new needs and opportunities for condo development. Condos offer greater affordability and inventory than other housing types on the market and, as a result, are playing an increasingly important role in the Texas housing market as a whole.”
Indicative of rising demand, condos have shown steady, consistent growth in all four of Texas’ major metro areas in both price as well as sales volume so far in 2014. However, the average price for condos from January through May 2014, which is $226,814 among Texas’ four major cities, is considerably less than other housing types on the market. Read more:
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