State, local housing market on track for record sales year

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Texas saw 247,931 homes sold during the first three quarters of 2016, according to the Texas Annual Housing Report. This puts 2016 on track to be the highest annual home sales volume in Texas history.

Central Park on Preston, located on Preston Road between Tulane Drive and Parker Road, is one of a few new housing developments in Plano.

Central Park on Preston, located on Preston Road between Tulane Drive and Parker Road, is one of a few new housing developments in Plano. (via )

In Plano, 2,711 houses were sold in the first three quarters of 2016, according to the Collin County Association of Realtors. Unless Plano has a strong December, home sales will be about the same or maybe a little behind sales in 2015, which totaled 3,598 homes, CCAR Chief Operating Officer Steve Haid said.

“Texas is a national leader in real estate growth, housing demand and development, which attracts homebuyers from across the country and around the globe,” said Leslie Rouda Smith, chairwoman of the Texas Association of Realtors, in a news release. “Texas’ diverse economy, rapid population growth and high quality of life continue to fuel home sales activity across the state.”

Statewide, home sales in 2016 have increased among first-time home-buyers, single women and international homebuyers, according to the report. Nearly 30 percent of homebuyers were first-time homebuyers, and twice as many single women purchased a home as compared to single men.

In addition, international homebuyers contributed more than $10 billion to the Texas economy through home sales, according to the Texas Homebuyers and Sellers Report.

Although the median price of Texas homes remained steady at $200,000 throughout the year, the percentage of new homes purchased statewide grew to 30 percent, up 2 percent from 2015. The percentage of new homes purchased nationally is 14 percent, according to the THS report.

“The continued growth of the Texas housing market this year, despite a slowing Texas economy, has been remarkable,” Smith said. “As in 2016, housing development and affordability will remain key areas of focus throughout the state next year.”

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Cassidy Ritter

Cassidy graduated from the University of Kansas in 2016 with a degree in Journalism and a double minor in business and global studies. She has worked as a reporter and editor for publications in Kansas, Colorado and Australia. She was hired as senior reporter for Community Impact Newspaper's Plano edition in August 2016. Less than a year later, she took the role of editor for the McKinney edition.

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