Texas housing demand and new home development remained high last year, while median household income for Texas homebuyers decreased slightly, according to the annual Texas Homebuyers and Sellers Report. The Texas Association of Realtors released the report today.
From July 2014 to June 2015, the median household income of Texas homebuyers fell 0.4 percent year-over-year to $97,100.
New-home sales continued to grow during the same time frame. Thirty percent of Texas homes purchased were new homes, a 2 percent increase.
The median age of first-time homebuyers decreased one year to 31 years old, while the median age of repeat buyers increased three years to 53. The median age for all Texas homebuyers was 45.
Other findings:
The percentage of married homebuyers in Texas decreased 2 percent to 70 percent.
Fourteen percent of Texas homebuyers were single women, while only 7 percent were single men.
Median homes in Texas are larger and newer than homes sold nationwide. The median size of a home purchased in Texas was 2,060 sf compared with 1,900 sf nationally. The median year homes purchased between July 2014 and June 2015 were built was 2003, compared with 1991 nationally.
Fifteen percent of Texas homebuyers purchased a home for a multi-generational family, meaning that children over 18 or aging parents would also be living in the house. Nationally, this was 18 percent.
The tenure of owning a home in Texas decreased one year to eight years.
This article originally published by The Real Estate Center. RECON is part of Mays Business School at Texas A&M University in College Station – the heart of the Research Valley.