Texas Housing Demand Development Remains High While Household Income Growth Stalls

Dated: 07/09/2016

Views: 546

 

Texas housing demand, development remains high while household income growth stalls


Texas Association of REALTORS® releases annual Texas Homebuyers and Sellers Report

FOR IMMEDIATE RELEASE—
CONTACT: Danielle Urban - Pierpont Communications, 512-448-4950

Mar 01 2016 — Austin

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 released today by the Texas Association of REALTORS®.

Leslie Rouda Smith, chairman of the Texas Association of REALTORS®, commented, “Texas home prices have risen steadily for the last several years, but household incomes for many Texas homebuyers are not growing fast enough to compensate. Texas REALTORS® are working with their clients to identify affordable paths to responsible homeownership … and working collectively at the Legislature to keep homeownership affordable in our state.”

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% increase.

“Strong population growth and relocation activity combined with low housing inventory levels continue to generate strong demand for new home development. In many markets, new homes are selling as quickly as they can be built,” Smith added.

According to the report, 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.

Smith concluded, “Housing market conditions are becoming increasingly competitive across the state, especially for first-time homebuyers. Texas REALTORS® are trusted advisors who can help homebuyers and sellers navigate tough market conditions and provide in-depth knowledge of their local market.”

Other key statistics from the report include:

  • The percentage of married homebuyers in Texas decreased 2% to 70%.

  • Fourteen percent of Texas homebuyers were single women, while only 7% 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 square feet, compared to 1,900 square feet nationally. The median year homes purchased between July 2014 and June 2015 were built was 2003, compared to 1991 nationally.

  • Fifteen percent of homebuyers in Texas 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%.

  • The tenure of owning a home in Texas decreased one year to eight years.

About the Texas Homebuyers and Sellers Report

The Texas Homebuyers and Sellers Report is based on survey data from the 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. 

About the Texas Association of REALTORS®

With more than 100,000 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.


Blog submitted by: Ebun Muhammad of The Real Estate Marketplace – Servicing the Greater Fort Hood area which includes:Killeen, Harker Heights, Temple, Belton, Copperas Cove and Nolanville. Feel free to call Ebun(254) 371-3117 if you have any questions regarding Central Texas Real Estate.

For Real Estate Listings in Central Texas visit my website at: www.forthoodhomesonline.com or if you’re on the go text  'Ebun' to 254-227-5799


Blog author image

Chip Franks

The Supreme Commander of The Real Estate MarketPlace and A Good Guy, In General! Ron "Chip" Franks was born in 1972 in the thriving metropolis of Killeen, Texas and makes his profession there as on....

Want to Advertise on this Site?

Latest Blog Posts

Avoid These Mistakes Between Loan Approval And Closing

You've been careful with your finances, saved for a down payment, and finally received approval for a mortgage loan. It's time to celebrate, right?Not yet. Your lender will recheck your credit right

Read More

9 MoneySaving Tips That Grandma Never Told You About

Your grandma and her ma before her knew how to pinch pennies. Bet they knew where every dime of their household income went. Do you? Don't kick yourself if you don't. It's tough in this day and

Read More

5 Painting Mistakes Thatll Show

 5 Painting Mistakes That’ll ShowPainting can be one of the most cost-effective ways to spruce up a listing. But homeowners can also make a lot of mistakes with this common DIY job. 

Read More

Zillow

I realize that you may not know where I am. I am the owner of The Real Estate Home Team which is in Copperas Cove, TX. I have been helping people buy and sell homes in the entire Fort Hood area for

Read More