April 10, 2018 — Austin
A new Texas Homebuyers and Sellers Report released today by the Texas 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 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.”