Texas has seen a surge in population, leading to a tremendous strain on its housing market, prompting builders to construct more homes. The state accounted for 15% of the national housing permits last year, significantly outpacing its population share. New homes are not only being built at a rapid pace but are also becoming more affordable, with a notable decrease in their size. The proportion of new homes priced below $350,000 has risen, suggesting a focus on affordability amidst the booming market.
"The state has grown rapidly in the last several years as people from across the country and across the world have seen what Texas has to offer," says Realtor.com Chief Economist Danielle Hale.
"Existing housing inventory from years of under-building was flooded with cash offers, and listing prices and rents soared," she adds.
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