DALLAS, March 22, 2023 (GLOBE NEWSWIRE) -- The new home market across Texas is seeing homes stay on the market longer and a moderate softening of average prices as the market “seeks balance,” according to the monthly HomesUSA.com New Home Sales Report released today by Ben Caballero, the nation’s top-ranked real estate agent and HomesUSA.com CEO.
The HomesUSA.com New Home Sales Report uses Multiple Listing Services data – the most complete, current, and accurate information available – from the Realtor Associations of North Texas, Houston, Austin, and San Antonio.
Caballero noted that the HomesUSA.com New Home Sales Index slowed dramatically for the sixth straight month. The 3-month moving average for Days on Market for the four largest markets in Texas hit 92.15 days in February versus 83.29 days in January. Last February, Days on Market averaged 58.73 days in Texas*, since then the average DOM increased by 57%.
Remarkably, the 3-month moving average of new home sales in Texas for February was up, with 4,585 new homes sold versus 4,344 homes sold in January.
“While the average new home sales were higher, the Days on Market continued to rise as the market seeks balance in – Houston, Dallas-Ft. Worth, Austin and San Antonio,” Caballero said, adding, “Overall, Texas new home sales continue to be surprisingly strong.”
Caballero also points out that the 3-month moving average for Texas new home prices was moderately lower cumulatively and individually in the state’s four major markets. “Builders are working hard to avoid big price cuts by offering more buyer incentives and agent bonuses. You are also likely to see the average size of a new home become somewhat smaller as builders look to maintain affordability,” Caballero said.
The 3-month average for total new home sales in Dallas-Ft. Worth last month was 1,670 versus 1,505 in January. In Houston, new home sales in February were 1,618 versus 1,578 in January. Austin posted February new home sales of 726 versus 716 in January, while in San Antonio, February new home sales were 571 versus 546 in January.
New home prices in Texas were moderately lower and in all four major new home markets. Last month, the 3-month moving average of Texas new home sales prices was $453,104 versus $460,083 in January.
The 3-month moving average price for new homes in Austin, which continues to have the highest-priced new homes in the state, declined in February to $518,407 versus $523,931 in January. In Dallas-Ft. Worth, the average new home price decreased in February to $493,722 versus $501,763 in January. Houston’s average new home price dropped in February to $405,019 from $414,728 in January. In San Antonio, the average new home price in February was $387,724 versus $393,316 in January.
Local MLSs data also indicates the market is seeking balance, as active listings of new homes were off slightly last month. The 3-month average of active listings in Texas’ four largest markets for February was 28,127 versus 28,465 versus in January.
Finally, pending new home sales reported to the four major MLSs in Texas jumped again last month to their highest level in the last 12 months. The 3-month moving average of pending new home sales in February was 5,990 versus 5,245 in January.
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 February, set for Thursday, March 23, 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 continues to increase in all four major new home markets in February. In Dallas-Ft. Worth, the DOM increased to 104.43 days from 94.98 days in January. Houston’s DOM was 93.33 days versus 85.09 days in January. In San Antonio, the DOM was 79.32 days versus 73.37 days in January. In Austin, the DOM increased to 71.14 days versus 61.87 days in January. (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 across Texas and in all four major new home markets were higher last month, according to the 3-month moving average. In Dallas-Ft. Worth, new home sales increased to 1,670 versus 1,505 in January. In Houston, February’s total sales were 1,618 versus 1,578 in January. In San Antonio, new home sales in February rose to 571 versus 546 in January. In Austin, new home sales increased in February to 726 versus 716 in January. (See Chart 2: Texas New Home Sales)
Texas New Home Prices
The average price of new homes in Texas and in each of the four major new home markets were lower last month. In Dallas-Ft. Worth, the 3-month moving average price for new homes was lower in February at $493,722 versus $501,763 in January. In Houston, the average new home price was also lower in February at $405,019 versus $414,728 in January. Austin's 3-month moving average price decreased in February to $518,407 from $523,931 in January. In San Antonio, the average new home price also decreased in February at $387,724 versus $393,316 in January. (See Chart 3: Texas New Home Prices)
Texas Sales-to-List Price Ratio
Cumulative new home sales in Texas, as well as in Dallas-Ft. Worth, Houston, Austin, and San Antonio, are continuing to move away from 100 percent of the asking price. In Texas, the 3-month moving average of the sales-to-list price ratio in February was 97.14 versus 97.23 percent in January. Dallas-Ft. Worth’s ratio was 97.48 versus 97.65 percent in January. In Houston, the ratio was 97.08 versus 97.20 percent in January. In Austin, the sales-to-price ratio in February was 96.30 versus 96.28 percent in January. San Antonio's ratio in February was 97.41 versus 97.42 percent in January. (See Chart 4: Texas Sales-to-List Price Ratio)
Texas Pending New Homes Sales Data
Based on local MLS data, pending new home sales increased in Texas and in all four of its major new home markets last month. Data from the four largest MLSs in Texas shows pending sales in February were 5,990 versus 5,245 in January. Pending new home sales last month in Dallas-Ft. Worth were 2,336 versus 2,027 in January. In Austin, pending new home sales in February were 1,035 versus 889 in January. In Houston, pending new home sales in February increased to 1,841 versus 1,655 in January. In San Antonio, pending sales last month were 778 versus 674 in January. (See Chart 5: Texas Pending New Home Sales)
Texas Active Listings for New Homes
Data from the four largest MLS in Texas also shows the 3-month moving average for active listings decreased in February to 28,127 versus 28,465 in January. Last month, two of the four major Texas new home markets posted lower active listings. Dallas-Ft. Worth's active listings in February were 7,056 versus 7,526 in January. Last month's active listings in Houston were 11,514 versus 11,600 in January. February’s active listings in Austin were higher at 5,140 versus 4,974 in January. San Antonio active listings were also higher in February at 4,417 versus 4,365 in January. (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.
*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 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-4288x2848.jpg
Individual Chart images:
Chart 1: Texas New Homes Tracking – Days on Market – February 2023: https://homesusa.com/wp-content/uploads/2023/03/Chart-1-Texas-New-Homes-Tracking-Days-on-Market.jpg
Chart 2: Texas New Home Sales Market – February 2023: https://homesusa.com/wp-content/uploads/2023/03/Chart-2-Texas-New-Home-Sales-Market.jpg
Chart 3: Texas New Home Sales Prices Market – February 2023: https://homesusa.com/wp-content/uploads/2023/03/Chart-3-Texas-New-Home-Sales-Prices-Market.jpg
Chart 4: Texas Sales-to-List-Price Ratio Market – February 2023: https://homesusa.com/wp-content/uploads/2023/03/Chart-4-Texas-Sales-to-List-Price-Ratio-Market.jpg
Chart 5: Texas Pending New Home Sales Market – February 2023: https://homesusa.com/wp-content/uploads/2023/03/Chart-5-Texas-Pending-New-Home-Sales-Market.jpg
Chart 6: Texas Active Listings for New Home Market – February 2023: https://homesusa.com/wp-content/uploads/2023/03/Chart-6-Texas-Active-Listings-for-New-Homes-Market.jpg
Chart A: Texas 12-Month Moving Averages Market – February 2023: https://homesusa.com/wp-content/uploads/2023/03/Chart-A-12MonthChart-DataOnly.jpg
