Houston New Home Buyer’s and Seller's Profile
Good afternoon, Please note, the data collection period of this report is from July 1, 2021, to June 30, 2022. As you may know, over that period, the housing market has shifted from a low-interest rate, low-inventory environment to higher interest rate and still low inventory, although inventory has improved a bit.
Oh, let's not forget inflation. The information below is only primary residence buyers and does not include investors or vacation home buyers. OK, let's go!
Buyers and sellers use and want the help and expertise of a real estate agent. 81% of buyers used a real estate agent to purchase their home. For sellers, 86% used an agent to help sell their home.
First-time buyers drop to an all-time low of 26% from 34% just a year ago.
The age of first-time and repeat buyers hit all-time highs.The age of first-time buyers jumped to 36 from 33 years. For repeat buyers, the age has risen to 59 years, up from 56 years in last year's report.
The share of White and Hispanic/Latino buyers grew, while Black/African American and Asian/Pacific Islander buyers retreated.
Small towns and rural areas saw a migration flow while there was a retraction of buying in urban areas and the suburbs.
How far a buyer moved, jumped to an all-time high of 50 miles from 10 to 15 miles.
The share of all-cash repeat buyers jumped from 17% to 27% in the past year.
Tenure in home, before selling, returned to an all-time high of 10 years. Between 1987 and 2008, the typical tenure was just 6 - 7 years. Not anymore.
Expected tenure for first-time buyers hits an all-time high of 18 years, up from seven years in 2007.
Buyers are pulling together funds from multiple sources for their down payment.
And to wrap up, 27% of first-time buyers, up from 21% moved directly from a family member's home into home ownership; while the share of first-time buyers who rented before buying dropped to 64% from 73%.
Thank you so much for stopping by. Until next time...Diana
Source: Demographics and Behavioral Insights at the National Association of REALTORS®
Image Created by Diana for First Home Houston
