Texas outpaced the U.S. in median household income growth and new-home sales in 2013, according to the 2014 Texas Home Buyers and Sellers Report released today by the Texas Association of Realtors.
Dan Hatfield, chairman of the Texas Association of Realtors, commented, This years Texas Homebuyers and Sellers Report is showing the impact of the last few years strong housing market and economic growth on Texas homebuyers and sellers. Households are earning more income and new-home development continues to play an increasingly important role to meet our states ever-increasing housing demand.
According to the Texas Homebuyers and Sellers Report, the median household income of Texas homebuyers increased 9.6 percent to $91,700 from 2012 to 2013. This is nearly double the increase in median household income among U.S. homebuyers, which increased 5.6 percent to $83,300 during the same time frame.
Increases in median household income for first-time and repeat homebuyers in Texas were also significant, increasing 9.3 percent year-over-year to $67,800 for first-time homebuyers and 4.9 percent year-over-year to $107,100 for repeat buyers in 2013. Nationally, these figures increased 8.3 percent to $67,400 for first-time homebuyers and three percent to $96,000 for repeat homebuyers.
Furthermore, 30 percent of all Texas homes purchased in 2013 were new homes, a four percent increase from 2012 and nearly double the share of new homes among U.S. home sales during the same time frame. Nationally, the share of new home sales remained constant at 16 percent of all U.S. home purchases in 2013.
As lending standards remained tight and home prices continued to rise in 2013, the highest share of homebuyers continued to be married couples. In Texas, the number of married homebuyers increased from 69 percent to 71 percent from 2012 to 2013, compared to an increase of 65 percent to 66 percent nationally. This is the highest share for married couples since 2001.
Chairman Hatfield concluded, This report shows the importance of Texas homebuyers having the right tools and resources to learn how to buy and own a home, something that the Texas Association of Realtors is firmly committed to.
The Texas Association of Realtors recently partnered with the Texas State Affordable Housing Corporation to help promote homebuyer education as an important step in helping Texans get ready to purchase their first home. More details on this partnership will be announced later this spring.
Other key statistics from the report include the following:
- The percentage of first-time homebuyers in Texas decreased two percent to 33 percent of all Texas homebuyers in 2013. Nationally, the percentage of first-time homebuyers decreased one percent to 33 percent of all U.S. homebuyers in 2013.
- In 2013, the average Texas homebuyer was 43 years old, while the average first-time buyer was 31 years old and the average repeat buyer was 50 years old. This is on trend with the ages of homebuyers nationally.
- The tenure of owning a home in Texas decreased one year to eight years in 2013, but remained unchanged at nine years nationally.
- Ninety-four percent of Texans sold their home with a Texas Realtor in 2013, compared to 91 percent nationally.
- For Sale by Owner (FSBO) homes in Texas sold for significantly less than homes sold using a Texas Realtor. The average Texas FSBO home sold for $153,500, compared to $200,000 for the average Realtor-assisted home sale.
About the Texas Homebuyers and Sellers Report
The Texas Homebuyers and Sellers Report is based on survey data from the 2013 Profile of Homebuyers and Sellers by the National Association of Realtors. The Texas Association of Realtors distributes insights about the Texas housing market each month, including quarterly market statistics, trends among homebuyers and sellers, luxury home sales, international trends and more. To view the Texas Homebuyers and Sellers Report in its entirety, visit www.TexasRealEstate.com.
About the Texas Association of REALTORS®
With approximately 90,000 members, the Texas Association of REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We advocate on behalf of Texas REALTORS® and private-property owners to keep homeownership affordable, protect private-property rights, and promote public policies that benefit homeowners. Visit TexasRealEstate.com to learn more.