Between July 2013 and June 2014, 28% of Texas homes that were purchased were new homes, a one percent decrease from the previous period but nearly double the share of new homes among U.S. home sales during the same time frame. Nationally, the percentage of new home sales remained at 16% of all homes in the country.
The median household income of Texas homeowners increased 5.9% year-over-year to $97,500 from July 2013 to June 2014. Nationally, the median household income among homebuyers on a national level increased 1.4% to $84,000 over the same time period.
Texans are choosing to buy newer and larger homes than other homebuyers nationwide. Scott Kesner, chairman of the Texas Assocation of Realtors contributes Texas’s leading homebuyer statistics to “lasting job and economic growth”.
A rise in restrictions in lending standards and rising home prices in certain local markets continue to suppress the growth of first-time home buyers in Texas, according to the report. The percentage of first-time homebuyers in Texas decreased four percent to 29% of all Texas homebuyers between July 2013 and June 2014. Nationally, the percentage of first-time homebuyers stood at 33%.
Texas homebuyers are typically older and more than likely married couples. According to the report, there are 72% married home buyers in Texas, compared to 65% nationally. From July 2013 to June 2014, the typical homebuyer averaged 45 years old.
Texas continues to hold the title of national leader in median household income growth and new home sales, according to the 2015 Texas Homebuyers and Sellers Report released this week.