June 17, 2013 — Austin
Today, the Texas REALTORS® released the Texas Home Buyers and Sellers Report. Based on the 2012 Profile of Home Buyers and Sellers by the National Association of REALTORS®, the report showed that Texas homeowners are buying more new homes and finding homes faster, indicating a steadily growing, competitive Texas housing market.
Shad Bogany, chairman of the Texas REALTORS®, commented, “This report affirms the Texas real estate industry as a driving force in our state’s economy. 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% 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% were new homes and homebuyers spent an additional month searching for the right home.
In addition, the makeup of homebuyers in Texas shifted significantly. Sixty-nine percent of Texas homebuyers in 2012 were married couples compared to 65% nationally – the highest share since 2001. Conversely, single female homebuyers were the lowest share since 2001, making up only 16% of Texas homebuyers and 15% of homebuyers nationally.
Chairman Bogany explained, “The recession led to tighter credit and lending standards across the U.S., which is why you’re seeing less individual home buyers. For many, it required a dual income to afford a home in 2012.”
Other key statistics from the report include the following:
- First-time homebuyers were 35% of all Texas homebuyers in 2012, compared to 39% nationally
- The largest segment of Texas buyers were those in the range of 25- to 34-years old, representing 26% of all homebuyers and 52% 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
- 88% of homebuyers in Texas and 89% nationwide purchased a home through a real estate agent or broker, which was a steady increase from 69% in 2001
- Only five% of Texans sold a home without a real estate agency or broker, and 60% of those sellers already knew the buyer. This is compared to nine% nationally with only 33% knowing the buyer beforehand
Chairman Bogany concluded, “This report shows that the Texas housing market is competitive and more homeowners than ever are choosing to work with Texas Realtors to buy and sell their homes.”