Diversity and prices paid for homes in Texas are on the way up, according to the Texas Homebuyers and Sellers Report [1] released Wednesday by the Texas Association of Realtors [2].
The report found that the percentage of homebuyers who identified as African-American was 8 percent this year, up from 5 percent the previous year. A similar uptick showed up among Asians. Seven percent of Texas homebuyers identified as Asian, which is up from 4 percent a year ago.
At the same time, buyers who identified as Hispanic remained consistent with prior years at 14 percent.
"We have seen greater ethnic diversity among homebuyers over the last few years, which is an encouraging trend,” said Kaki Lybbert, Chairman of the Texas Association of Realtors. “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, median household income among Texas homebuyers increased from $94,200 to $101,400, which is notably higher than the national numbers. 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,” the report states.
Single buyers in Texas showed small downturns. Single female homebuyers decreased 3 percent to 16, while single male buyers fell 1 percent to 8. On the other hand, 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. It's now 47. The share of first-time homebuyers increased from 30 percent to 32 percent, while the median age of first-time homebuyers also went up—from 32 to 33.
"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,” Lybbert said. “Our diversity is one of our state's great strengths.”
Lybbert also said 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."