DALLAS, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The Texas new home market is “finding its footing” as sales peak with Days on Market, average prices, and pending sales all stabilizing, according to the monthly HomesUSA.com New Home Sales Report released today by its author, Ben Caballero, the nation’s top-ranked real estate agent and HomesUSA.com CEO.
The HomesUSA.com New Home Sales Report uses Multiple Listing Service data – the most complete, current, and accurate information – from the Realtor Associations of North Texas, Houston Austin, and San Antonio.
The 3-month moving average of new home MLS sales in Texas’ four largest markets for August was 5,450 versus 5,649 new homes sold in July.
“Considering the interest rate headwinds and market seasonality, Texas’ new home market is finding its footing,” said Caballero. “By every measure – Days on Market, sales activity and average prices – new homes numbers are stabilizing yet remain impressive,” he added.
While the overall new home price average among the 4 largest Texas markets was $2,000 lower in August than July, Caballero noted prices have shown stability throughout 2023. In Texas' top four markets, last month's 3-month moving average new home price was $460,060 versus $462,363 in July. Dallas-Ft. Worth's 3-month moving average new home price in August was up slightly, $500,320 versus $499,115 in July. Austin’s average new home price last month also was higher, $539,095 versus $536,842 in July.
Last month's 3-month moving average of new home prices in Houston and San Antonio were lower: Houston’s average new home price was $424,368 versus $427,191 in July, while San Antonio’s average price of a new home in August was $372,120 versus $379,374 in July.
“As the Texas economy continues to outpace the nation, builders continue to support Texas’ growth with great new homes, despite the economic and municipal obstacles in their path,” said Caballero.
According to the HomesUSA.com New Home Sales Index, the pace of new home sales picked up in San Antonio, Houston and slightly in Austin as Days on Market improved. New homes stayed on the market in Dallas a bit longer, which posted a higher DOM average for August. Overall, the DOM in Texas has been trending stable.
The average number of days to sell a new home in Texas’ four major home markets in August was 105.58 days versus 106.67 days in July. The DOM in Houston last month was 99.18 versus 102.97 days in July. Austin’s DOM in August was 93.70 versus 94.76 in July, and the DOM in San Antonio last month was 91.47 versus 97.81 days in July. The DOM in Dallas-Ft. Worth last month was higher at 124.06 versus 119.94 days in July.
Pending new home sales in Texas’ four largest markets were down again last month. The 3-month moving average of pending new home sales in August was 6,096 versus 6,473 in July.
Active listings continue to stabilize, with the 3-month moving average for active listings of new homes in Texas' top four markets last month totaling 27,305 versus 26,662 new homes in July.
HomesUSA.com is sharing its New Home Sales Report and New Home Sales Index before the Commerce Department releases its nationwide New Residential Sales Report for August, set for Tuesday, September 26, 2023, 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 decreased in three of the four major new home markets in August. Houston’s DOM was 99.18 days versus 102.97 days in July. In Austin, the DOM decreased to 93.70 days versus 94.76 days in July. In San Antonio, the DOM was 91.47 days versus 97.81 days in July. Dallas-Ft. Worth was the exception, as the DOM increased to 124.06 days from 119.94 days in July. Caballero points out that new homes have significantly higher Days on Market or DOM than existing homes because most are listed while under construction. (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 three of the four major new home markets were lower last month, according to the 3-month moving average. In Dallas-Ft. Worth, new home sales decreased to 1,885 versus 1,975 in July. In Houston, August’s total sales were 1,760 versus 1,875 in July. In Austin, new home sales also decreased in August to 876 versus 918 in July. San Antonio was the anomaly, as new home sales in August rose to 929 versus 882 in July. (See Chart 2: Texas New Home Sales)
Texas New Home Prices
The average price of new homes in two of the four major new home markets were higher last month. In Dallas-Ft. Worth, the 3-month moving average price for new homes increased in August to $500,320 from $499,115 in July. Austin's 3-month moving average price also rose in August to $539,095 from $536,842 in July. In Houston, the average new home price was lower in August at $424,368 versus $427,191 in July. In San Antonio, the average new home price also decreased in August to $372,120 versus $379,374 in July. (See Chart 3: Texas New Home Prices)
Texas Sales-to-List Price Ratio
Cumulative new home sales appear to be stabilizing near 100 percent of the asking price. The 3-month moving average of the sales-to-list price ratio for August was 97.98 versus 97.97 percent in July. Dallas-Ft. Worth’s ratio was 98.26 versus 98.17 percent in July. In Houston, the ratio was 98.35 versus 98.30 percent in July. In Austin, the sales-to-price ratio in August was 97.79 versus 97.53 percent in July. San Antonio's ratio in August was 96.91 versus 97.34 percent in July. (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 in all four Texas major markets last month. Data shows pending sales in August were 6,096 versus 6,473 in July. In Dallas-Ft. Worth, pending new home sales last month were 2,200 versus 2,372 in July. In Houston, pending new home sales in August decreased to 1,839 versus 1,938 in July. In Austin, pending new home sales in August were 1,171 versus 1,233 in July. In San Antonio, pending sales last month were 886 versus 930 in July. (See Chart 5: Texas Pending New Home Sales)
Texas Active Listings for New Homes
Data from the four largest Texas MLSs also shows the 3-month moving average for active listings increased in August to 27,305 versus 26,662 in July. Last month, all four Texas major markets posted higher active listings. Dallas-Ft. Worth's active listings in August were 6,050 versus 5,814 in July. Last month's active listings in Houston were 11,342 versus 11,162 in July. In Austin, active listings in August increased to 5,405 from 5,294 in July. In San Antonio, active listings increased in August to 4,508 versus 4,393 in July. (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 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.
*Note: Texas data denotes a combination of its four largest new home markets – Houston, Dallas-Ft. Worth, Austin and San Antonio, which comprises the vast majority of new home sales and MLS data statewide.
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 individual real estate agent to exceed $3 billion in residential sales transactions in a single year (2022); the first agent to exceed $2 billion (2018, 2019, 2020); and the first agent to exceed $1 billion (2015, 2016, 2017). 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 (2023)
https://homesusa.com/wp-content/uploads/2023/04/Ben_Caballero_1-scaled.jpg
Individual Chart images:
Chart 1: Texas New Homes Tracking – Days on Market – August 2023: https://homesusa.com/wp-content/uploads/2023/09/Chart-1-Texas-New-Homes-Tracking-Days-on-Market.jpg
Chart 2: Texas New Home Sales Market – August 2023: https://homesusa.com/wp-content/uploads/2023/09/Chart-2-Texas-New-Home-Sales-Market.jpg
Chart 3: Texas New Home Sales Prices Market – August 2023: https://homesusa.com/wp-content/uploads/2023/09/Chart-3-Texas-New-Home-Sales-Prices-Market.jpg
Chart 4: Texas Sales-to-List-Price Ratio Market – August 2023: https://homesusa.com/wp-content/uploads/2023/09/Chart-4-Texas-Sales-to-List-Price-Ratio-Market.jpg
Chart 5: Texas Pending New Home Sales Market – August 2023: https://homesusa.com/wp-content/uploads/2023/09/Chart-5-Texas-Pending-New-Home-Sales-Market.jpg
Chart 6: Texas Active Listings for New Home Market – August 2023: https://homesusa.com/wp-content/uploads/2023/09/Chart-6-Texas-Active-Listings-for-New-Homes-Market.jpg
Chart A: Texas 12-Month Moving Averages Market – August 2023: https://homesusa.com/wp-content/uploads/2023/09/Chart-A-12MonthChart-DataOnly.jpg
