June 19, 2013
Today, the Texas Association of REALTORS® released the Texas Homebuyers and Sellers Report. Based on the 2012 Profile of Homebuyers and Sellers by the National Association of REALTORS®, the report showed that Texas homeowners are buying more new homes and finding homes faster, indicating a steadily growing, competitive Texas housing market.
Shad Bogany, chairman of the Texas Association of REALTORS®, commented, “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.”
According to the report, 26% of all homes purchased in 2012 were new homes. In addition, homebuyers spent only eight weeks looking for a home before making a purchase. These figures outpaced those nationally, in which only 16% were new homes and homebuyers spent an additional month searching for the right home.
In addition, the makeup of homebuyers in Texas shifted significantly. Sixty-nine percent of Texas homebuyers in 2012 were married couples compared to 65% nationally – the highest share since 2001. Conversely, single female homebuyers were the lowest share since 2001, making up only 16% of Texas homebuyers and 15% of homebuyers nationally.
Chairman Bogany explained, “The recession led to tighter credit and lending standards across the U.S., which is why you’re seeing less individual homebuyers. For many, it required a dual income to afford a home in 2012.”
Other key statistics from the report:
Chairman 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.”
The Texas Homebuyers and Sellers Report is based on survey data from the 2012 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. To view the Texas Homebuyers and Sellers report in its entirety, visit TexasRealEstate.com.
With approximately 80,000 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.