So what are the best home builders in Texas? Do you live in Texas or you are just curious about the best home builders in Texas? Insider Monkey recently published an article in which we can find the great answers for this question. Texas is the second largest state in the US; its area is 268,580 square miles. Its population is also the second biggest with 27.86 million people. The state product is also the second in the USA: $1.63 trillion. This state has one of the lowest tax burdens in the country, with average resident income tax rate amounting to 8.4%. In addition, Texas is one of the seven states that don’t have a state income tax, although there are some property taxes.
Texas’s economy depends on oil production, but agriculture also plays an important role as it has the highest agricultural acreage in the US and it generates the highest revenue from livestock and the second-highest revenue from agricultural products. The state tries to diversify its economy, so it generates the most wind power in the state, and what’s more Texas has the biggest wind farm in the world. But as its economy depends on oil, housing market here strongly depends on the barrel prices in the US. Oil prices decreased last year, consequently home prices in Texas did, too. In the Houston area, average price for a single-family home declined by 7.5% in December, 2015. Therefore home builders and sellers cut prices and gave more incentives for buyers.
We have picked three companies from Insider Monkey’s list for now: Beazer Homes USA, Inc. (NYSE:BZH); Hovnanian Enterprises, Inc. (NYSE:HOV); and Toll Brothers Inc. (NYSE:TOL). Beazer Homes USA, Inc. (NYSE:BZH) operates in Texas as part of its West segment, which also includes Arizona, California, and Nevada. During the fiscal 2016 (ended September 30), the company closed 2,508 homes in the region, the most across segments. The average closing price amounted to $326,100 and Beazer Homes USA, Inc. (NYSE:BZH) also had 828 houses in the backlog heading into fiscal 2017. Hovnanian Enterprises, Inc. (NYSE:HOV) built 6,464 homes in 2016, and sold 2,750 houses in the Southwest region, which also includes Arizona and Texas. Toll Brothers Inc. (NYSE:TOL) has operations in Dallas, Austin, and Houston metropolitan areas. Texas is part of the company’s South reporting segment, which includes Florida and North Carolina as well. It built 3,988 homes in fiscal 2016, and had more 960 homes under contract but they weren’t closed.
For any further interesting facts, you should read Insider Monkey’s article about the best home builders in Texas.