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Texas remains a competitive housing market June 24, 2013
A new report on Texas homebuyers and sellers shows that the market for housing across the state is growing.
The Texas Association of Realtors released the Texas Home Buyers and Sellers Report on June 19, based on the 2012 Profile of Home Buyers and Sellers by the National Association of Realtors. The report indicates Texas homeowners are buying more new homes and finding homes faster, indicating a steadily growing and competitive Texas housing market.
“This report affirms the Texas real estate industry as a driving force in our state’s economy,” said Shad Bogany, chairman of the Texas Association of Realtors. “More new homes are being built and homes are selling faster, which bodes well for our thriving Texas housing market and our economy’s future.”
According to the report, 26 percent of all homes purchased in 2012 were new homes. In addition, homebuyers spent only eight weeks looking for a home before making a purchase. These figures outpaced those nationally, in which only 16 percent were new homes and homebuyers spent an additional month searching for a home.
In addition, the makeup of homebuyers in Texas has shifted significantly. Sixty-nine percent of Texas homebuyers in 2012 were married couples compared with 65 percent nationally – the highest share since 2001. Conversely, single female homebuyers were the lowest share since 2001, making up only 16 percent of Texas homebuyers and 15 percent of homebuyers nationally.
“The recession led to tighter credit and lending standards across the U.S., which is why you’re seeing less individual homebuyers. For many, it required a dual income to afford a home in 2012,” said Bogany.
Other key statistics from the report:
• First-time homebuyers were 35 percent of all Texas homebuyers in 2012, compared with 39 percent
• The largest segment of Texas buyers were those in the range of 25- to 34-years old, representing 26 percent of all homebuyers and 52 percent of first-time buyers.
• The tenure of owning a home both statewide and nationally is nine years – up from only six years in 2007.
• The median household income of Texas homeowners is $82,900, higher than the national median household income for homeowners of $78,600.
• Eighty-eight percent of homebuyers in Texas and 89 percent nationwide purchased a home through a real estate agent or broker, which was a steady increase from 69 percent in 2001.
• Only 5 percent of Texans sold a home without a real estate agency or broker, and 60 percent of those sellers already knew the buyer. This is compared to nine percent nationally with only 33 percent knowing the buyer