DALLAS, May 22, 2024 (GLOBE NEWSWIRE) — Texas home builders saw mixed sales results last month as new homes remain on the market longer and inventory continues to build, according to a new HomesUSA.com New Home Sales Report released today by Ben Caballero, the nation’s top-ranked real estate agent and HomesUSA.com CEO.
Caballero notes that while the 3-month moving average of Texas’ new home sales statewide increased slightly in November to 4,103 from 4,056 in October, total new home sales were lower in Austin and flat in San Antonio. Average new home sales were only marginally higher in Dallas-Ft. Worth (1,241 in November versus 1,209 in October) and Houston (1,548 in November versus 1,520 in October).
The HomesUSA.com New Home Sales Report uses Multiple Listing Services data from the Realtor Associations of Austin, North Texas, Houston, and San Antonio.
Builders face mounting sales pressure as inventory rose statewide in November for the seventh straight month. Local MLSs are showing the 3-month average of active listings in November climbing to 27,146 from 25,887 in October.
The report also shows new homes are taking longer to sell. The HomesUSA.com New Home Sales Index reveals new home sales slowed for the third straight month as the statewide 3-month moving average for Days on Market in November experienced the biggest jump in more than a year, increasing in November to 63 days versus 55.77 days in October.
“Looking at the numbers, one might ask, ‘Is the reason for slowing sales due to the season?’,” said Caballero. “We know new home sales are seasonal and the new home market is returning to normal. But the trends we see overall tell us the slowing in new home sales appear to be more than just a seasonal blip,” Caballero added.
“The good news is home buyers will continue to benefit from market normalization,” Caballero added. “Texas remains perhaps the most resilient new home market in the nation, and continues to show strength, despite the wild swings in mortgage interest rates.”
According to the HomesUSA.com New Home Sales Report, based on MLS data, the 3-month moving average of active listings in November shows Houston leading all markets with 11,363 new homes for sale versus 11,115 in October. Dallas-Ft. Worth follows with 7,353 in November versus 6,770 in October. In Austin, active listings in November totaled 4,348 versus 4,089 in October, and in San Antonio, November active listings were 4,182 versus 3,913 in October.
The 3-month moving averages of new home sales prices statewide dropped last month to $461,511 from $463,482 in October. Houston, Austin, and San Antonio all saw average price declines last month. Only Dallas-Ft. Worth experienced a higher average new home price, rising to $502,466 in November versus $500,437 in October. The average new home price in Austin, which continues to have the highest-priced new homes in the state, decreased in November to $523,723 versus $531,347 in October. Houston’s average new home price fell in November to $427,038 versus $429,205 in October. San Antonio’s average new home price in November was $388,183 versus $390,159 in October.
Caballero noted statewide pending new home sales reported to the MLSs dropped last month. In November, the 3-month moving average of pending new home sales statewide was 4,461 versus 4,591 in October. Three of Texas’s major new home markets – Houston, Dallas-Ft. Worth, and Austin – reported a decrease in pending new home sales last month, with San Antonio being the exception. San Antonio reported November pending sales of 597 versus 587 in October.
HomesUSA.com is sharing its New Home Sales Report and New Home Sales Index in advance of the Commerce Department’s release of its nationwide New Residential Sales Report for November, set for Friday, December 23 at 10:00 am Eastern.
The HomesUSA.com monthly report is based on closed sales recorded inside the MLSs by the 10th day of the following month. Sales reported late by agents are not included. The report features 3-month and 12-month moving averages for six essential market data, including Days on Market, sales volume, sales prices, a sales-to-list price ratio, pending sales, and active listings. Caballero explained the 3-month moving average indices track market seasonality, while the 12-month moving average removes the seasonality and tracks the longer trend.
Days on Market – New Homes in Texas (Exclusive Data)
The HomesUSA.com New Home Sales Index showed the 3-month moving average of Days on Market continues to increase statewide and in all four major new home markets in November. Houston’s DOM was 68.43 days versus 63.88 days in October. In San Antonio, the DOM was 65.43 days versus 61.17 days in October. In Austin, the DOM increased to 40.27 days versus 32.42 days in October. In Dallas-Ft. Worth, the DOM increased to 68.59 days from 57.72 days in October. (See Chart 1: Texas New Homes Days on Market)
Texas New Home Sales Data
Based on all available local MLS data, total new home sales in Texas were marginally higher statewide and in two of the four major new home markets last month, according to the 3-month moving average. In Houston, November’s total sales were 1,548 versus 1,520 in October. Dallas-Ft. Worth new home sales also increased to 1,241 versus 1,209 in October. In San Antonio, new home sales were flat in November at 575 versus 574 in October. In Austin, new home sales decreased in November to 740 versus 752 in October. (See Chart 2: Texas New Home Sales)
Texas New Home Prices
The average price of new homes in Texas shows lower prices statewide and in three of the four major new home markets last month. In Houston, the average new home price was lower in November at $427,038 versus $429,205 in October. Austin’s 3-month moving average price decreased in November to $523,723 from $531,347 in October. In San Antonio, the average new home price also decreased in November at $388,183 versus $390,159 in October. Dallas-Ft. Worth was the anomaly, as its 3-month moving average price for new homes was higher in November at $502,466 versus $500,437 in October. (See Chart 3: Texas New Home Prices)
Texas Sales-to-List Price Ratio
New home sales statewide and in Dallas-Ft. Worth, Houston, Austin, and San Antonio are moving away from 100 percent of the asking price. Statewide, the 3-month moving average of the sales-to-list price ratio in November was 98.17 versus 98.73 percent in October. Dallas-Ft. Worth’s ratio was 98.52 versus 99.02 percent in October. In Houston, the ratio was 97.80 versus 98.14 percent in October. In Austin, the sales-to-price ratio in November was 98.02 versus 99.21 percent in October. San Antonio’s ratio in November was 98.48 versus 98.99 percent in October. (See Chart 4: Texas Sales-to-List Price Ratio)
Texas Pending New Homes Sales Data
Based on local MLS data, pending new home sales decreased statewide and in three of the four Texas major new home markets last month. Statewide MLS data shows pending sales in November were 4,461 versus 4,591 in October. In Houston, pending sales in November were 1,538 versus 1,581 in October. Pending new home sales last month in Dallas-Ft. Worth were 1,700 versus 1,769 in October. In Austin, pending sales in November were 626 versus 654 in October. San Antonio was the exception, as pending sales increased last month to 597 versus 587 in October. (See Chart 5: Texas Pending New Home Sales)
Texas Active Listings for New Homes
MLS data shows the 3-month moving average for active listings statewide increased in November to 27,146 versus 25,887 in October. Last month, all four major Texas new home markets posted higher active listings. Dallas-Ft. Worth’s active listings in November were 7,253 versus 6,770 in October. Last month’s active listings in Houston were 11,363 versus 11,115 in October. November’s active listings in Austin were higher at 4,348 versus 4,089 in October. San Antonio reported active new home listings in November were 4,182 versus 3,913 in October. (See Chart 6: Texas Active Listings and Chart A: 12-Month Moving Averages)
About the HomesUSA.com New Home Sales Index
The HomesUSA.com Index is reported as both a 3-month and 12-month moving average of the Days on Market (DOM) for new homes listed in the local Multiple Listing Services (MLSs) for the four largest Texas markets, including Dallas-Ft. Worth, Houston, Austin, and San Antonio. Created by Ben Caballero, founder and CEO of HomesUSA.com, it is the first Days on Market index to track Texas new home market and includes homes listed while under construction.
About Ben Caballero and HomesUSA.com®
Ben Caballero, founder and CEO of HomesUSA.com, is a three-time Guinness World Record title holder for ‘Most annual home sale transactions through MLS by an individual sell-side real estate agent – current.’ Ranked by REAL Trends as America’s top real estate agent for home sales since 2013, Ben is the most productive real estate agent in U.S. history. He is the only agent to exceed $1 billion in residential sales transactions in a single year, a feat first achieved in 2015 and repeated each year through 2018 when he achieved more than $2 billion. An award-winning innovator and technology pioneer, Ben works with more than 60 home builders in Dallas-Fort Worth, Houston, Austin, and San Antonio. His podcast series is available on iTunes and Google Podcasts. Learn more at HomesUSA.com |Twitter: @bcaballero – @HomesUSA | Facebook: /HomesUSAdotcom.
Note for journalists: You may contact Ben Caballero directly on his cell at (214) 616-9222 or by email at ben@homesusa.com.
REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.
Media Contact:
Kevin Hawkins
(206) 866-1220
kevin@wavgroup.com
Image: Ben Caballero
https://www.homesusa.com/wp-content/uploads/2018/09/Ben-Caballero-Portrait-Grey-4288×2848.jpg
Individual Chart images:
Chart 1: Texas New Homes Tracking – Days on Market – November 2022: https://homesusa.com/wp-content/uploads/2022/12/Chart-1-Texas-Days-on-Market.jpg
Chart 2: Texas New Home Sales Market – November 2022: https://homesusa.com/wp-content/uploads/2022/12/Chart-2-Texas-New-Home-Sales.jpg
Chart 3: Texas New Home Sales Prices Market – November 2022: https://homesusa.com/wp-content/uploads/2022/12/Chart-3-Texas-New-Home-Sales-Prices.jpg
Chart 4: Texas Sales-to-List-Price Ratio Market – November 2022: https://homesusa.com/wp-content/uploads/2022/12/Chart-4-Texas-Sales-to-List-Price-Ratio.jpg
Chart 5: Texas Pending New Home Sales Market – November 2022: https://homesusa.com/wp-content/uploads/2022/12/Chart-5-Texas-Pending-New-Home-Sales.jpg
Chart 6: Texas Active Listings for New Homes Market – November 2022: https://homesusa.com/wp-content/uploads/2022/12/Chart-6-Texas-Active-Listings.jpg
Chart A: Texas 12-Month Moving Averages Market – November 2022: https://homesusa.com/wp-content/uploads/2022/12/Chart-A-12MonthChart-DataOnly.jpg
