DALLAS, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Total new home sales in Texas were strong statewide, higher in all four of its major new home markets last month, according to a new report from HomesUSA.com. Dallas-Ft. Worth, Houston, Austin and San Antonio all saw fewer Days on Market for new homes sold in November, and for the first time this year, pending sales were lower, indicating tightening inventory.
The HomesUSA.com report is based on data from the North Texas Real Estate Information Systems, Houston Association of REALTORS, Austin Board of REALTORS Multiple Listing Services and San Antonio Board of REALTORS.
“Texas new home sales continue to impress,” said Ben Caballero, owner of HomesUSA.com and a current Guinness World Record title holder. “However, the rapid sales pace has caused inventory to decline and fewer pending sales and listings are occurring. Builders simply can’t build homes fast enough to meet the remarkable demand.”
For the last twelve months straight, the sales velocity of new homes improved with average Days on Market (DOM) dropping to 96.82 days in November from 99.22 days in October, based on the 12-month moving average. In January, the statewide DOM average was 107.04 days. “New homes DOM averages 60 days higher than resale because most are listed in MLS before construction is complete,” he added.
New home sales in November were higher statewide and in the state’s biggest new home markets including Dallas-Fort Worth, Houston, Austin and San Antonio. According to the 12-month moving average, Texas new home sales in November were 4,434 versus 4,380 in October.
HomesUSA.com notes that pending sales and active listings both showed the continued tightening of inventory. The 12-month average of pending sales declined in November to 5,185 versus 5,424 in October. Active new home listings were down statewide in November to 18,345 versus 18,824 in October.
The average new home price statewide in November rose to $358,050 versus $356,833 in October. New home prices last month were higher in Dallas-Ft. Worth, Austin and San Antonio. Houston reported a marginally lower average home price for November.
Caballero is sharing this new homes report in advance of the release by the Commerce Department of its nationwide New Residential Sales report for November set for Wednesday, December 23, at 10:00 am Eastern.
Days on Market – New Homes in Texas (Exclusive Data)
New homes sold faster statewide last month as Days on Market dropped for new homes sales in Dallas-Ft. Worth, Houston, Austin and San Antonio. According to the HomesUSA.com New Home Sales Index, the DOM for Dallas-Ft. Worth was 91.62 days in November versus 93.81 days in October. In Houston, the DOM was 109.02 days in November versus 111.71 days in October. Austin's DOM was 87.43 days in November versus 90.50 days in October. In San Antonio, the DOM was 91.26 days in November versus 93.08 days in October. (See Chart 1: Texas New Homes Days on Market)
Texas New Home Sales Data
Sales of new homes were strong statewide and in all four major markets, according to the 12-month moving averages. In Dallas-Ft. Worth, November sales totaled 1,564 versus 1,551 in October. Houston posted November sales totaling 1,499 versus 1,468 in October, while San Antonio November sales totaled 642 versus 631 in October. Austin’s November sales were up marginally, totaling 730 versus 729 in October. (See Chart 2: Texas New Home Sales)
Texas New Home Prices
In three of the state’s four biggest new homes markets -- Dallas-Ft. Worth, Austin and San Antonio -- the 12-month moving average price was higher. Dallas-Ft. Worth reported its average price was $373,128 in November versus $370,546 in October. Austin's average price was $397,504 in November versus $394,956 in October. In San Antonio, the average price was $299,321 in November versus $298,459 in October. In Houston, the average new home price was $348,181 in November versus $348,455 in October. (See Chart 3: Texas New Home Prices)
Texas Sales-to-List Price Ratio
Sales prices as a percent of their list prices were stable again last month. The 12-month moving average of the November sales-to-list price ratio for new homes statewide was 98.197 percent of the asking price versus 98.152 percent in October. In Dallas-Ft. Worth, it was 98.079 percent in November versus 98.026 percent in October. In Houston, it was 97.881 percent in November versus 97.811 percent in October. The Austin ratio was 98.896 percent in November versus 98.848 percent in October, and San Antonio's ratio was 98.465 percent last month versus 98.477 percent in October. (See Chart 4: Texas Sales-to-List Price Ratio)
Texas Pending New Homes Sales Data
Last month, the 12-month rolling average for pending new home sales were lower statewide for the first time in 2020. All of the state's top new home markets reported lower average pending sales. In Dallas-Ft. Worth, last month pending sales were 1,842 versus 1,924 in October. In Houston, November's pending sales were 1,773 versus 1,850 in October. In Austin, it was 771 in November versus 819 in October, and in San Antonio, it was 799 in November versus 831 in October. (See Chart 5: Texas Pending New Home Sales)
Texas Active Listings for New Homes
The 12-month rolling average for active listings new home sales fell across the board in November. Dallas-Ft. Worth reported 6,568 last month versus 6,762 in October and in Austin, it was 3,401 in November versus 3,518 in October. In Houston, November’s Active Listings were 8,375 versus 8,543 in October. (There is no data currently available for San Antonio) (See Chart 6: Texas Pending New Home Sales)
About the HomesUSA.com New Home Sales Index
The HomesUSA.com Index is a 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 index to track Texas’ new home market specifically.
About Ben Caballero and HomesUSA.com®
Ben Caballero, founder and CEO of HomesUSA.com, holds the current Guinness World Record title for “Most annual home sale transactions through MLS by an individual sell side real estate agent.” 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 Play. An infographic illustrating Ben’s sales production is here. 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 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/2016/06/L-38017_bcaballero_photo.jpg
Individual Chart images:
Chart 1: Texas New Homes Tracking - Days on Market – November 2020: https://homesusa.com/wp-content/uploads/2020/12/Chart-1-Texas-Days-on-Market.jpg
Chart 2: Texas New Home Sales – November 2020: https://homesusa.com/wp-content/uploads/2020/12/Chart-2-Texas-New-Home-Sales.jpg
Chart 3: Texas New Home Sales Prices – November 2020: https://homesusa.com/wp-content/uploads/2020/12/Chart-3-Texas-New-Home-Prices.jpg
Chart 4: Texas Sales-to-List-Price Ratio – November 2020: https://homesusa.com/wp-content/uploads/2020/12/Chart-4-Texas-Sales-to-List-Price-Ratio.jpg
Chart 5: Texas Pending New Home Sales – November 2020: https://homesusa.com/wp-content/uploads/2020/12/Chart-5-Texas-Pending-New-Home-Sales.jpg
Chart 6: Texas Active Listings for New Homes – November 2020: https://homesusa.com/wp-content/uploads/2020/12/Chart-6-Texas-Active-Listings.jpg
Chart 7: Texas 3-Month Rolling Averages – New Homes – November 2020: https://homesusa.com/wp-content/uploads/2020/12/Chart-7-3MonthChart-DataOnly.jpg