Scott Kesner, chairman of the Texas Association of REALTORS®, stated that “Our state's lasting job and economic growth continues to bring higher incomes for Texas families and reaffirms new-home sales and development as a critical component in meeting market demand, No doubt, there are several reasons why Texas continues to attract more home buyers to our wonderful state.
Here are a few highlights from the report:Home for Sale.png
- Median household income among first-time homebuyers rose to $72,000 in Texas and $68,300 nationally.
- The median household income of Texas homebuyers increased to $97,500, while the same factor was $84,500 nationwide.
- 72% of Texas homebuyers and 65% of U.S. homebuyers were married.
- New homes comprised 28% of Texas home purchases, compared to 16% of homes nationally.
- 16% of homebuyers in Texas purchased homes for multi-generational families. Nationwide, this figure was 13%.
The median household income for Texas homebuyers increased by 5.9 percent from July 2013 to June 2014. This is more than four times the increase in median household income among homebuyers nationally, which rose by only 1.4 percent during the same time frame.
In addition, 28 percent of Texas homes purchased between July 2013 and June 2014 were new homes, a one percent decrease from the previous time period yet still 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 U.S. home purchases. Increased restrictions in lending standards and rising home prices in certain local markets continue to stifle the growth of first time homebuyers in Texas. The percentage of first time homebuyers in Texas decreased four percent to 29 percent of all Texas homebuyers between July 2013 and June 2014. Nationally, the percentage of first time homebuyers decreased five percent to 33 percent of all U.S. homebuyers during the same time frame.
As a result, Texas homebuyers are older and more likely to be married couples. From July 2013 to June 2014, the typical Texas homebuyer was 45 years old, an increase of two years from the previous time frame. The percentage of married homebuyers increased one percent year over year to 72 percent, compared to a one percent decrease to 65 percent nationally.
For information on New Home Sales in San Antonio, Contact Jerry at 210.789.4216, or visit my website at New Homes For Sale in San Antonio, TX. There are over 30 different new home construction builders, and several custom home builders for those who want to build on their own lots. Now would be a great time to hunt for your next home while interest rates are still low, and the how buying process is still less than 45 days in most cases.