DALLAS, , Nov. 21, 2024 (GLOBE NEWSWIRE) -- While Texas new home sales remained steady last month for the combined four largest markets in Texas, home sales were up 12% from a year ago, home price changes were mixed, and inventory continued to gradually increase on October, according to the newest monthly Texas New Home Sales Report released today by HomesUSA.com and its founder and 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 comprehensive, current, and accurate information – from the Realtor Associations of North Texas, Houston, Austin, and San Antonio.
“Texas’ new home market shows resilience despite seasonal shifts and mortgage rate uncertainty,” said Ben Caballero, founder and CEO of HomesUSA.com. “If mortgage rates stabilize or decrease, we should see new home sales improve heading into 2025,” Caballero added.
According to Dallas-Ft. Worth, Houston, Austin, and San Antonio’s October MLS data, the new home sales pace held steady in October as the overall 3-month average of Days on the Market (DOM) was 97.99 versus 97.76 days in September. The DOM month-over-month was primarily unchanged in Dallas (121.26 versus 122.00), Austin (88.80 versus 89.38), and San Antonio (80.51 versus 80.87), while the DOM in Houston increased (89.16 versus 87.76).
New home sales in Texas’ largest markets were flat, posting a 3-month average of 5,725 in October versus 5,722 in September – an increase of just 3 more homes sold. Last month’s new home sales were marginally higher in Dallas-Ft. Worth and Houston, with marginally lower new home sales last month in Austin and San Antonio.
Caballero noted, "Year-over-year, sales are still double-digits, about 12% higher from October 2023.”
Mixed news for home buyers: the 3-month average new home price in the combined top four markets dropped in October to $428,101 versus $429,898 in September.
In the top Texas new home markets, prices were slightly higher in Houston ($397,646 versus $397,318), and San Antonio ($339,296 versus $338,620) yet dropped month-over-month in Dallas-Ft. Worth ($486,085 versus $492,129) and Austin ($480,178 versus $483,408).
Texas’ new home inventory rose slightly in October as the 3-month average of active new home listings climbed to 32,780 versus 32,337 in September. In three of the state’s largest markets – Houston, Dallas-Ft. Worth and Austin – inventory was higher. San Antonio was the exception in September for the second consecutive month, as its 3-month average of active listings dropped to 5,280 from 5,384 in September. Year-over-year active listings are up over 13% from 28,960 in October 2023.
Pending new home sales – a key indicator of future sales – were marginally higher in the four major Texas markets – 6,572 in October versus 6,543 in September. Pending sales in Austin remained unchanged month-over-month (1,271 versus 1,271), while Houston (1,976 versus 1,926) saw a slight increase. Dallas-Fort Worth (2,249 versus 2,266) and San Antonio (1,077 versus 1,080) experienced marginally lower pending sales.
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 October, set for Tuesday, November 26, 2024, at 10:00 am Eastern time.
The HomesUSA.com monthly report covers closed sales recorded in MLSs by the 10th day of the following month. Sales reported by agents after the 10th of the month are not included. The report features 3-month and 12-month moving averages for six essential market data, including DOM, 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 Holds Steady – New Homes in Texas (Exclusive Data)
The HomesUSA.com New Home Sales Index showed the October 3-month moving average of DOM held steady in three of Texas’ four major new home markets. In Dallas-Ft. Worth, the DOM was 121.26 days versus 122 days in September. In Austin, the DOM in October was 88.80 days versus 89.38 days in September. In San Antonio, the DOM was 80.51 days versus 80.87 days in September. Houston was the anomaly, as the DOM increased to 89.16 days versus 87.76 days in September. New homes have significantly higher DOM than existing homes because most new homes are listed while under construction. (See Chart 1: Texas New Homes Days on Market)
Texas New Home Sales Flattened
Based on all local MLS data, the most reliable and current source of all home sales activity, total new home sales flattened in the four largest new home markets in Texas last month. The October 3-month moving average of new home sales in Dallas-Ft. Worth was 1,870 versus 1,848 in September. In Houston, total new home sales in October were higher at 1,951 versus 1,943 in September. Austin's new home sales last month were 856 versus 864 in September. In San Antonio, new home sales in October were lower at 1,049 versus 1,067 in September. (See Chart 2: Texas New Home Sales)
Texas New Home Prices Drop
The average prices of new homes dropped in two of the four major new home markets in Texas last month. In Dallas-Ft. Worth, the 3-month moving average price for new homes in October was lower at $486,085 versus $492,129 in September. In Houston, the average new home price in October was $397,646 versus $397,318 in September. In Austin, the 3-month moving average price in October was also lower at $480,178 versus $483,408 in September. San Antonio's average new home price in October was $339,296 versus $338,620 in September. (See Chart 3: Texas New Home Prices)
Texas Sales-to-List Price Ratio Remains Stable
Cumulative new home sales remain slightly lower than 100 percent of the asking price. The combined 3-month moving average of the sales-to-list price ratio in Texas’ four largest markets for October was 97.37 versus 97.88 percent a year ago and 97.41 percent in September this year. Dallas-Ft. Worth’s ratio in October was 97.72 versus 97.93 percent last October and 97.77 percent in September this year. In Houston, the ratio in October was 96.37 versus 98.21 percent last October and 96.44 percent in September this year. In Austin, the sales-to-price ratio in October was 97.57 versus 97.84 percent last October and 97.58 percent in September this year. San Antonio's ratio in October was 98.47 versus 97.13 percent a year ago and 98.44 percent in September this year. (See Chart 4: Texas Sales-to-List Price Ratio)
Texas Pending New Homes Sales Increase
Based on local MLS data, the 3-month average of pending new home sales increased despite three of the four largest Texas new home markets being lower or unchanged. The combined four-market average in October totaled 6,572 versus 6,543 in September. In Dallas-Ft. Worth, pending new home sales last month were lower at 2,249 versus 2,266 in September. In Austin, pending new home sales in October remained unchanged at 1,271, the same number as September. In San Antonio, pending new home sales were also lower last month at 1,077 versus 1,080 in September. Houston was the exception, as pending new home sales in October were higher at 1,976 versus 1,926 in September. (See Chart 5: Texas Pending New Home Sales)
Texas Active Listings for New Homes Increase
Active new home listings continue to increase in three of four of the largest Texas new home markets in October. The October 3-month average active listings inventory in Texas’ four major new home markets was 32,780 new homes versus 32,337 in September. Dallas-Ft. Worth's active listings in October increased to 8,110 versus 7,939 in September. Active listings in Houston last month also increased to 13,354 versus 12,994 in September. In Austin, active listings in October were higher at 6,036 versus 6,019 in September. San Antonio was the outlier, as active listings last month decreased to 5,280 versus 5,384 in September. (See Chart 6: Texas Active Listings)
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 for new homes listed in the local Multiple Listing Services (MLSs) for Dallas-Ft. Worth, Houston, Austin, and San Antonio. Created by Ben Caballero, it is the first Days on Market index to track the Texas new home market and includes homes listed while under construction. (See Chart A: 12-Month Moving Averages)
*Note: Texas data denotes a combination of its four largest new home markets – Houston, Dallas-Ft. Worth, Austin, and San Antonio – which comprise 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 Records 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). Ben, an award-winning innovator and technology pioneer, works with more than 60 home builders in Dallas-Fort Worth, Houston, Austin, and San Antonio. His podcast series is available widely, including iTunes, Spotify and YouTube. Learn more at HomesUSA.com |Twitter: @bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.
Note for journalists: You may contact Ben Caballero directly 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 – October 2024: https://homesusa.com/wp-content/uploads/2024/11/Chart-1-Texas-New-Homes-Tracking-Days-on-Market.jpg
Chart 2: Texas New Home Sales Market – October 2024: https://homesusa.com/wp-content/uploads/2024/11/Chart-2-Texas-New-Home-Sales-Market.jpg
Chart 3: Texas New Home Sales Prices Market – October 2024: https://homesusa.com/wp-content/uploads/2024/11/Chart-3-Texas-New-Home-Sales-Prices-Market.jpg
Chart 4: Texas Sales-to-List-Price Ratio Market – October 2024: https://homesusa.com/wp-content/uploads/2024/11/Chart-4-Texas-Sales-to-List-Price-Ratio-Market.jpg
Chart 5: Texas Pending New Home Sales Market – October 2024: https://homesusa.com/wp-content/uploads/2024/11/Chart-5-Texas-Pending-New-Home-Sales-Market.jpg
Chart 6: Texas Active Listings for New Home Market – October 2024: https://homesusa.com/wp-content/uploads/2024/11/Chart-6-Texas-Active-Listings-for-New-Homes-Market.jpg
Chart A: Texas 12-Month Moving Averages Market – October 2024: https://homesusa.com/wp-content/uploads/2024/11/Chart-A-12MonthChart-DataOnly.jpg
