Texas single-family home sales have been on fire this year, but condominium sales are just as strong according to the 2013 Texas Condominium Sales Report. Released today by the Texas Association of REALTORS®, the report shows double-digit growth in condo and townhome sales in Texas’s four major markets.
Jim Gaines, Ph.D., economist with the Real Estate Center at Texas A&M University, said, “Inventory is at an all-time low for both condominiums and single-family homes, but the development of new condos and townhomes has lagged behind that of single-family homes through the housing recovery. As a result, we’re at least a year or two away from delivering the condos that are currently needed in Texas’s metro areas.”
Read the full report here.