Texas leads nation in new home sales

Texas leads the nation in new home sales and median household income growth, according to the 2015 Texas Homebuyers and Sellers report released Monday.

Of the homes bought between July 2013 and June 2014, 28 percent were new homes, a 1 percent decline from the prior 12 months, according to the report released by the Texas Association of Realtors. Nationally, the share of new home sales remained at 16 percent of all U.S. home purchases, it said.

During that same time period, the median household income of Texas homebuyers rose 5.9 percent to $97,500, compared to the nationwide increase of 1.4 percent to $84,500, the report said. Median household income among first-time homebuyers in Texas increased 5.8 percent year-over-year to $72,000 and 2.3 percent to $68,300 for first-time homebuyers nationally.

In addition, first-time homebuyers in Texas was 29 percent of the market, a decrease of 4 percent from the year before. Nationally, the percentage of first-time homebuyers decreased 5 percent to 33 percent of all U.S. homebuyers during the same time frame.

“Texas is one of the best states to buy a home in the U.S. because it’s one of the best places to work, do business and raise a family,” Scott Kesner, chairman Realtors group, in a statement. “Our state’s lasting job and economic growth continues to bring higher incomes for Texas families and reaffirms new home sales and development as a critical component in meeting market demand.”

This story was originally published March 2, 2015 at 2:44 PM with the headline "Texas leads nation in new home sales."