Texas homebuyers are buying more new homes and they’re finding them faster, according to the Texas Association of Realtors. This indicates a steadily growing, competitive housing market in The Lone Star State.
Shad Bogany, chairman of the Texas Association of Realtors, said, "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."
In 2012, 26% of all homes purchased in Texas were new. Additionally, Texas homebuyers only spent eight weeks looking for a home prior to making their purchase. Compared to Texas, only 16% of homes nationwide were new homes and homebuyers spent an extra month searching for the right property.
It seems that the makeup of Texas homebuyers has shifted as well, with 69% of homebuyers being married couples, compared to 65% nationally. This marks the highest share since 2001.
Conversely, the share of homebuyers classified as "single" hit the lowest level since 2001, with singles representing only 16% of Texas homebuyers and 15% nationwide.
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."
Of all consumers buying a Texas home in 2012, 35% were first-time homebuyers, compared to 39% nationwide.
The median household income of a Texas homeowner reached $82,900, up from the national median household income of $78,600.
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."