DALLAS, Dec. 21, 2021 (GLOBE NEWSWIRE) -- The Texas new homes market appears to be “normalizing,” as new home prices remain near record highs and Days on Market hover near record lows. Still, overall sales data stabilized statewide last month, according to a new monthly report from HomesUSA.com.
The 3-month moving averages of statewide new home listings and pending sales also were higher in November. New home listings increased from 14,260 in October to 14,599 last month. Pending sales increased from 4,151 in October to 4,692 in November.
Dallas-based HomesUSA.com also reports 3-month moving averages are showing the pace of Texas’ new home sales was stable last month. The average Days on Market for a new home in Texas was 54 days – up one day in November from the record low the HomesUSA.com New Home Sales Index reported in October. In addition, while new home prices were slightly higher statewide in November as the 3-month moving average of new home sale prices hit $422,199 versus $419,341 in October, it was one of the smallest month-over-month price increases since June.
The HomesUSA.com November 2021 new homes report, for Dallas-Ft. Worth, Houston, Austin, and San Antonio, 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 homes market is normalizing,” said Ben Caballero, CEO of HomesUSA.com and world record holder for most home sales. “The good news for buyers is we see more new homes coming onto the market. The good news for Texas builders is that both total sales and sales activity remains incredibly robust,” Caballero explained.
Caballero notes that statewide, based on November’s 3-month moving average of MLS data, Texas new homes sales were 3,113 versus 3,061 in October. In three of the state’s four largest new home markets – Houston, Dallas-Ft. Worth and Austin – total sales were up last month.
Only San Antonio showed lower new home sales. Still, Caballero cautioned that new homes are selling so fast that many are not being entered into the MLS (Multiple Listing Service), which remains the most reliable and timely source of sales activity.
“Builders have more buyers than they have homes, and when you have a waiting list of transaction-ready buyers, builders don’t have a reason to enter them into the MLS,” he added, “and that the MLS data indicates the market is becoming more balanced.”
Caballero is sharing the HomesUSA.com New Homes Report in advance of the release by the Commerce Department of its nationwide New Residential Sales Report for November 2021, set for Thursday, December 23 at 10:00 am Eastern.
Caballero noted this monthly HomesUSA.com report includes both 3-month and 12-month moving averages for all essential market data, including Days on Market, sales volume, sales prices, a sales-to-list price ratio, pending sales, and active listings. 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 fell in two of the four Texas major new home markets. The DOM for Dallas-Ft. Worth decreased to 51.07 days in November versus 52.19 days in October. Houston’s DOM was 66.45 days in November versus 66.97 days in October. In Austin, the DOM was slightly higher at 19.79 days last month versus 18.20 days in October. In San Antonio, the DOM was 49.83 days in November versus 47.32 days in October. (See Chart 1: Texas New Homes Days on Market)
Texas New Home Sales Data
Total new home sales, solely based on MLS data, were higher statewide in Texas and in three of the four major new home markets last month, according to the 3-month moving average. In Dallas-Ft. Worth, November sales were 1,006 versus 951 in October. Houston sales were 1,365 in November versus 1,314 in October. In Austin, November sales totaled 395 versus 391 in October. San Antonio was the anomaly, as its new home sales decreased to 347 in November versus 405 in October. (See Chart 2: Texas New Home Sales)
Texas New Home Prices
While low inventory of new homes helped drive up the average price of new homes in Texas for the 13th straight month, new home prices decreased in two of the four Texas major new home markets last month. Dallas-Ft. Worth reported its 3-month moving average price for new homes was $435,819 in November versus $436,924 in October. In Houston, the average new home price was $395,765 in November versus $404,453 in October. Austin’s 3-month moving average price – the highest among the top four markets – rose to $536,278 in November versus $504,619 in October. Also, the San Antonio average new home price in November was $361,090 versus $345,388 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 remained at nearly 100 percent of the asking price. Statewide, the 3-month moving average of the sales-to-list price ratio in November was 99.381 percent versus 99.417 percent in October. In Dallas-Ft. Worth, it was 99.937 percent in November versus 99.971 percent in October. It was 98.888 percent in November versus 98.971 percent in October in Houston. In Austin, the sales-to-price ratio was 99.920 percent in November versus 99.905 percent in October. San Antonio’s ratio was 99.058 percent last month versus 99.052 percent in October. (See Chart 4: Texas Sales-to-List Price Ratio)
Texas Pending New Homes Sales Data
Based solely on MLS data, pending new home sales totals were higher statewide and in each of the four major new home markets in Texas. Statewide MLS data shows pending sales in November were 4,692 versus 4,151 in October. Dallas-Ft. Worth pending sales in November were 1,588 versus 1,401 in October. Houston’s November pending sales were 1,897 versus 1,752 in October. Austin’s pending sales in November were 547 versus 391 in October. In San Antonio, pending sales last month were 660 versus 607 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 continues to rise in November, with 14,559 versus 14,260 in October. Three of the four major Texas new home markets – Houston, Austin, and San Antonio – posted higher active listings last month. Last month’s active listings in Houston were 7,900 versus 7,756 in October. Austin’s active listings were 1,994 in November versus 1,842 in October. San Antonio reported active new home listings last month were 2,026 versus 2,008 in October. Dallas-Ft. Worth was the exception, as its active listings in November were 2,638 versus 2,654 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’s 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 the world record holder 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 Podcasts. 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/2018/09/Ben-Caballero-Portrait-Grey-4288x2848.jpg
Individual Chart images:
Chart 1: Texas New Homes Tracking - Days on Market – November 2021: https://homesusa.com/wp-content/uploads/2021/12/Chart-1-Texas-Days-on-Market.jpg
Chart 2: Texas New Home Sales – November 2021: https://homesusa.com/wp-content/uploads/2021/12/Chart-2-Texas-New-Home-Sales.jpg
Chart 3: Texas New Home Sales Prices – November 2021: https://homesusa.com/wp-content/uploads/2021/12/Chart-3-Texas-New-Home-Sales-Prices.jpg
Chart 4: Texas Sales-to-List-Price Ratio – November 2021: https://homesusa.com/wp-content/uploads/2021/12/Chart-4-Texas-Sales-to-List-Price-Ratio.jpg
Chart 5: Texas Pending New Home Sales – November 2021: https://homesusa.com/wp-content/uploads/2021/12/Chart-5-Texas-Pending-New-Home-Sales.jpg
Chart 6: Texas Active Listings for New Homes – November 2021: https://homesusa.com/wp-content/uploads/2021/12/Chart-6-Texas-Active-Listings.jpg
Chart A: Texas 12-Month Moving Averages – New Homes – November 2021: https://homesusa.com/wp-content/uploads/2021/12/Chart-A-12MonthChart-DataOnly.jpg
