New homes made up 28 percent of Texas homes purchased between July 2013 and June 2014 - nearly double the percentage of new homes sold in the U.S. during the same time frame.
Other key statistics from the report include:
- 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 4 percent to 29 percent of all Texas homebuyers. Nationally, the percentage of first-time homebuyers decreased 5 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. In the report, the typical Texas homebuyer was 45 years old, an increase of 2 years from the previous time frame.
- The percentage of married homebuyers increased 1 percent year-over-year to 72 percent, compared to a 1 percent decrease to 65 percent nationally.
- Texans are buying newer, larger homes than homebuyers nationwide. The typical 3-bedroom, 2-bathroom home in Texas was 2,100 square feet and built in 2002. Nationally, the typical 3-bedroom, 2-bathroom home was 1,870 square feet and built in 1993.
- For Sale by Owner (FSBO) homes in Texas sold for 30 percent less than homes sold using a Texas Realtor.
- 16 percent of homebuyers in Texas purchased a multi-generational home due to adult children or aging parents moving into the house. Nationally this was 13 percent.