Number of first-time Texas homebuyers declining

AUSTIN (Texas Realtors) – Texas had fewer first-time homebuyers last year than in previous years, according to the Texas Realtors’ 2023 Texas Homebuyers and Sellers Report.

New buyers accounted for 24 percent of homebuyers between July 2021 and June 2022, down from 32 percent the year before and 39 percent a decade ago.

The median household income for Texas homebuyers was $110,000, $22,000 more than the national median for homebuyers. Thirteen percent of homes purchased during the reporting period in Texas were new homes, slightly more than the national figure of 12 percent.

Home purchases in Texas were more prevalent in the highest age groups, with 52 percent of purchases made by individuals aged 55 or older. In contrast, 14 percent of Texas home purchases were made by individuals aged 25 to 34.

The top reason Texans who sold their homes during the observed period did so was to move closer to family and friends (23 percent), followed by job relocation (13 percent) and retirement (10 percent), consistent with the strong job market in the state.

Eighty-seven percent of homebuyers and sellers used a real estate agent to help buy or sell their home, with 90 percent of those buyers and 86 percent of those sellers stating that they would likely use that same agent again or recommend them to others.

Source:Texas Real Estate Research Center 5/23/2023