AUSTIN, Texas /PRNewswire/ — A new Texas Homebuyers and Sellers Report released today by the Texas Association of Realtors revealed that diversity continues to increase among those buying homes in Texas. The report also showed that Texas homebuyers are earning more and paying more for homes.
Kaki Lybbert, chairman of the Texas Association of Realtors, explained, “We have seen greater ethnic diversity among homebuyers over the last few years, which is an encouraging trend. At the same time, median household income in the state went up. That’s good news for Texans, because our home prices have continued to rise in most areas as well.”
According to the report, the percentage of homebuyers who identified as African-American was 8 percent, up from 5 percent the previous year; 7 percent identified as Asian, up from 4 percent; and those who identified as Hispanic remained consistent with prior years at 14 percent.
Median household income among Texas homebuyers increased from $94,200 to $101,400. Nationally, the median income of homebuyers was $88,800. The median home price paid among Texas homebuyers was $259,500, significantly higher than the Real Estate Center at Texas A&M University’s estimation of $150,000 as a home price for entry-level and first-time homebuyers.
In Texas, single female homebuyers decreased 3 percentage points to 16 percent and single male buyers fell 1 percentage point to 8 percent of all Texas homebuyers. The percentage of married Texas homebuyers increased 2 points to 68 percent.
The median age for homebuyers in Texas increased for the fourth straight year to 47 years old. However, the share of first-time homebuyers increased from 30 percent to 32 percent, while the median age of first-time homebuyers went from 32 years old to 33 years old.
Lybbert concluded, “As we mark the 50th anniversary since President Lyndon Johnson signed the Fair Housing Act into law, it’s good to see diversity increasing among homebuyers in Texas. Our diversity is one of our state’s great strengths. Texas Realtors will be leading the way to make even more progress to ensure that homeownership is attainable for all Texans in all types of real estate transactions and at all price points.”
About the Texas Homebuyers and Sellers Report
Data from the 2018 edition of the Texas Homebuyers and Sellers Report is derived from the 2017 Texas Profile of Homebuyers and Sellers by the National Association of REALTORS®, which analyzes survey data among Texans who bought or sold a home between July 2016 and June 2017. The Texas Association of REALTORS® distributes insights about the Texas housing market throughout the year, 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.
About the Texas Association of REALTORS®
With more than 114,000 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.