According to the 2015 Annual Housing Report released in December by the Texas Association of Realtors, Texas real estate made a strong showing in all segments of the housing market and is on pace to have a record year in 2015. The growth is attributed to the state’s economy, job availability, population increase and business-friendly environment.
This year’s Annual Housing Report, which recaps all market research reports distributed by the Texas Association of Realtor in 2015, illustrated numerous favorable trends for realtors and homebuilders alike. The Texas Homebuyers and Sellers Report, for example, indicated that from July 2013 to June 2014, the median household income of Texas homebuyers had increased 5.9 percent – more than four times the national increase.
Texas remains a great place to live, work and do business, evident in its diversified economy and lasting real estate demand. This idea is illustrated with the Texas Relocation Report statistic that Texas is the state with the second highest out-of-state residential influx, totaling 593,308 individuals.
Texas Homebuyers and Sellers Report
- 16 percent of homebuyers in Texas purchased a multi-generational home due to children over the age of 18 moving back into the house, cost savings and health and caretaking of aging parents.
- With home prices on the rise statewide and strict lending standards in place, purchases among first-time homebuyers in Texas decreased slightly from 33 percent to 29 percent, while the percentage of married homebuyers continued to increase.
- Texas homebuyers are getting older. The typical homebuyer in Texas was 45 years old, up from 43 years old. The average first-time homebuyer was 32 years old.
- 28 percent of Texas homes purchased between July 2013 and June 2014 were new homes – almost double the national figure.
- 47 percent of first-time homebuyers and 48 percent of repeat buyers in Texas said that finding the right property was the most difficult step in the home-buying process.
- 80 percent of Texas homebuyers bought through a Texas Realtor.
Texas Luxury Home Sales Report
- Sales volume increased from nine percent to more than 25 percent for homes sold at $1 million or more.
- San Antonio represents the most aggressive growth in luxury sales in Texas – a 26 percent increase since 2013.
- Luxury homes represented 0.4 percent of the total housing market (107 out of 24,400 homes sold).
- Luxury homes took seven times as long to sell compared to the average home in San Antonio – 450 days in comparison to 63 days.
Texas International Homebuyers Report
- Texas continues to be a hub for immigration to the United States. It is home to the third-largest immigrant population size and ranks seventh in the nation for percentage of foreign-born residents among the statewide population.
- Texas ranked number three in the U.S. for the total number of international home sales.
- S. immigrants living in Texas are 12 percent more likely to own a home than native Texas residents and other immigrants in the U.S.
- International homebuyers contributed $8.32 billion to the Texas economy between April 2014 and March 2015
- Texas International homebuyers from Asia/Oceania (including China) doubled from 18 percent from April 2013 to March 2014. Latin America – for the first time in the report’s history – did not make up the clear majority of international home sales.
- Texas home buying activity among European and African buyers doubled during the same time, rising from 9 to 15 percent and 4 to 8 percent
These reports provide clear indicators to realtors and homebuilders about how to tailor our sales efforts. After reviewing these statistics, reassess your tactics and shape a strategy for 2016.
Custom home building allows an incredible variety of options to any residence – if you can dream it, we can build it. If you are ready to assist your clients find the perfect home, contact CKC today.
[mk_button dimension=”outline” size=”large” url=”our-work/” align=”center” outline_skin=”dark”]VIEW OUR WORK[/mk_button]
Sources
https://www.texasrealestate.com/uploads/files/general-files/LuxuryReport.pdf
https://www.texasrealestate.com/uploads/files/general-files/ReloReport.pdf