Houston Condo Sales Are Way Up
Texas homebuyers are heavily favoring condos, and sales and prices are making huge jumps, according to the Texas Association of Realtors' 2016 Texas condominium mid-year sales report. All of the state's metro areas saw an increase in condo sales from January through May 2016. In Houston, 1,674 condos were sold, an 11.2% increase year-over-year. The Texas Association of Realtors says the jump comes down to retirees and first-time buyers seeking a more affordable alternative to single-family homes. Houses also come with a huge amount of upkeep and lack the amenities offered in condos. The demand has driven a 13% year-over-year price increase, yet the sector still maintains an affordable median price of $160k.