DALLAS, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Texas average new home sales were higher in all four of its largest markets last month, with Dallas-Ft Worth, Houston, and Austin turning in strong year-end sales as the outlook for 2024 brightens. Strong seasonality factors and builders’ year-end need to move inventory became “good news for buyers.”
The average 3-month home price trended lower in three of Texas's four largest new home markets according to the monthly New Home Sales Report released today by HomesUSA.com and its CEO, Ben Caballero, the nation's top-ranked real estate agent.
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.
In December, average home sales were higher in Texas’ four largest markets, with Dallas-Ft Worth, Houston, and Austin turning in higher end-of-the-year sales. Last month, the 3-month moving average of new home MLS sales in Texas' four largest markets was 5,350 versus 5,172 in November.
"Texas new home sales finished the year strong,” said Ben Caballero, America's No. 1-ranked real estate agent and CEO and founder of HomesUSA.com. “In December, we also had good news for buyers as average new home prices continue to trend a bit lower. With leading economists expecting mortgage rates to improve, the outlook for 2024 is brightening for builders and consumers alike,” he added.
Caballero also noted, “I expect that Texas will continue to lead the nation in 2024 because it is an attractive relocation destination for large companies with a ready labor pool. More jobs mean more housing, and Texas builders will continue to work diligently to create more inventory.”
According to the HomesUSA.com New Home Sales Index’s 3-month average, the Days on Market for New homes remain relatively stable. Houston and Austin posted more days to sell a new home, but the DOM 3-month averages for San Antonio and Dallas-Ft. Worth were slightly lower. For Texas the average DOM was up slightly with December at 100.26 versus 98.70 days in November.
The overall new home price average in the four largest Texas markets trended lower in December, due to seasonal factors and builders' need to move inventory, noted Caballero. Last month's average 3-month new home price in Texas was $434,893 versus $436,387 in November. Dallas-Ft. Worth's average new home price last month was $482,875 versus $486,273 in November. Austin's December average new home price was $492,066 versus $500,831 in November, and last month, San Antonio also posted a lower average price of $362,372 versus $364,319 in November. In contrast, Houston had a higher average new home price in December at $402,971 vs $399,947 in November.
Seasonal pressure showed December was a repeat of November as pending sales were lower to flat in all four largest Texas new home markets. The overall 3-month moving average of pending new home sales in December was 5,433 versus 5,512 in November.
Inventory increased again in three of Texas’ four largest new home markets last month, indicated by the higher number of MLS active listings. The 3-month moving average of active listings for new homes in the four major markets the previous month totaled 29,662 versus 29,514 in November.
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 December, set for Thursday, January 25, 2024, at 10:00 am Eastern time.
The HomesUSA.com monthly report is based on closed sales recorded in 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 two of the four major new home markets in December. In Dallas-Ft. Worth, the DOM decreased to 126.83 days versus 128.43 days in November. Houston’s DOM was 86.60 versus 83.18 days in November. In Austin, the DOM increased to 93.75 days versus 86.71 days in November. In San Antonio, the DOM was 87.69 days versus 88.31 days in November. 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 local MLS data, which is the most reliable and current source of all home sales activity, total new home sales were higher last month, according to the 3-month moving average. In Dallas-Ft. Worth, new home sales were 1,657 versus 1,618 in November. In Houston, December’s total sales were higher at 1,933 versus 1,838 in November. Austin new home sales last month were relatively higher at 852 versus 808 in November. In San Antonio, new home sales in December were 908 versus 907 in November. (See Chart 2: Texas New Home Sales)
Texas New Home Prices
The average prices of new homes were lower in three of the four major new home markets last month. In Dallas-Ft. Worth, the 3-month moving average price for new homes decreased in December to $482,875 from $486,273 in November. Austin's 3-month moving average price also decreased in December to $492,066 from $500,831 in November. In San Antonio, the average new home price was $362,372 versus $364,319 in November. Houston was the anomaly, as the average new home price was higher last month at $402,971 versus $399,947 in November. (See Chart 3: Texas New Home Prices)
Texas Sales-to-List Price Ratio
Cumulative new home sales continue to stabilize near 100 percent of the asking price. The 3-month moving average of the sales-to-list price ratio for December was 97.52 versus 97.68 percent in November. Dallas-Ft. Worth’s ratio was 97.61 versus 97.76 percent in November. In Houston, the ratio was 97.93 versus 98.08 percent in November. In Austin, the sales-to-price ratio was 97.35 versus 97.62 percent in November. San Antonio's ratio in December was 96.71 versus 96.83 percent in November. (See Chart 4: Texas Sales-to-List Price Ratio)
Texas Pending New Homes Sales Data
Based on local MLS data, pending new home sales were lower or flat in all four Texas major markets last month. Data shows pending sales in December were 5,433 versus 5,512 in November. In Dallas-Ft. Worth, pending new home sales last month were 1,888 versus 1,905 in November. In Houston, pending new home sales in December decreased to 1,692 versus 1,695 in November. In Austin, pending new home sales in December were flat at 1,066 versus 1,067 in November. San Antonio had a decrease in pending sales last month at 787 versus 845 in November. (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 December to 29,662 versus 29,514 in November – the highest level this year. Three of the four Texas major markets posted higher active listings in December. Dallas-Ft. Worth's active listings in December were 6,908 versus 6,840 in November. Last month's active listings in Houston were 11,934 versus 11,856 in November. In San Antonio, active listings last month increased to 5,229 versus 5,153 in November. Austin was the exception, as active listings in December decreased to 5,591 from 5,665 in November. (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 – December 2023: https://homesusa.com/wp-content/uploads/2024/01/Chart-1-Texas-New-Homes-Tracking-Days-on-Market-1.jpg
Chart 2: Texas New Home Sales Market – December 2023: https://homesusa.com/wp-content/uploads/2024/01/Chart-2-Texas-New-Home-Sales-Market-1.jpg
Chart 3: Texas New Home Sales Prices Market – December 2023: https://homesusa.com/wp-content/uploads/2024/01/Chart-3-Texas-New-Home-Sales-Prices-Market-1.jpg
Chart 4: Texas Sales-to-List-Price Ratio Market – December 2023: https://homesusa.com/wp-content/uploads/2024/01/Chart-4-Texas-Sales-to-List-Price-Ratio-Market-1.jpg
Chart 5: Texas Pending New Home Sales Market – December 2023: https://homesusa.com/wp-content/uploads/2024/01/Chart-5-Texas-Pending-New-Home-Sales-Market-1.jpg
Chart 6: Texas Active Listings for New Home Market – December 2023: https://homesusa.com/wp-content/uploads/2024/01/Chart-6-Texas-Active-Listings-for-New-Homes-Market-1.jpg
Chart A: Texas 12-Month Moving Averages Market – December 2023: https://homesusa.com/wp-content/uploads/2024/01/Chart-A-12MonthChart-DataOnly-1.jpg
