HomesUSA.com reports new homes are selling faster as average price falls
DALLAS, Dec. 21, 2023 (GLOBE NEWSWIRE) — Texas new home sales remained steady last month with homes selling faster as average home prices fell in all four major markets, but 2024 may be poised for growth. That’s 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.
Average home sales overall were stable last month in Texas’ four largest new home markets with Houston and San Antonio posting higher 3-month averages for new sales, while sales were flat to lower in Austin and Dallas-Ft. Worth. The 3-month moving average of new home MLS sales in Texas’ four largest markets for last month was 5,172 versus 5,125 in October.
“The Texas new home market is steady as we head into the holiday season,” said Ben Caballero, the No. 1 ranked real estate agent in the U.S. since 2013. “We have the Texas advantage on our side,” he added, “as we continue to attract large employers. This relocation means a continuing need for more homes, and Texas builders are doing their best to create more inventory.”
According to the HomesUSA.com New Home Sales Index’s 3-month average, new homes had fewer Days on Market in Houston and Austin. In San Antonio and Dallas-Ft. Worth, Days on Market were relatively flat. Overall, new homes sold faster in Texas’ four largest markets in November. Last month, the average number of days to sell a new home in Texas’ four major home markets was 98.70 days versus 101.86 days in October.
The overall new home price average among the four largest Texas markets fell in November. Seasonal factors and stubbornly high interest rates drove the average 3-month new home price lower in all four largest new home markets in Texas – nearly $13,000 lower than the prior month, according to Caballero.
In Texas’ top four markets, November’s 3-month moving average new home price was $436,387 versus $449,386 in October. Dallas-Ft. Worth’s home price last month was $486,273 versus $491,367 in November. Houston’s average new home price last month was $399,947 versus $410,034 in October. Last month, Austin’s average new home price was $500,831 versus $524,400 in October, and San Antonio also posted a lower average price of $364,319 versus $372,242 in October.
“The Texas new home market is poised for growth, if what many leading economists are predicting comes true – that mortgage rates improve in 2024. We should see new home sales growing next year from current levels,” Caballero said.
Seasonal pressure shows pending sales were slightly lower to flat in all four largest Texas new home markets. The overall 3-month moving average of pending new home sales in November was 5,512 versus 5,664 in October.
Inventory increased 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 last month totaled 29,514 versus 28,960 in October.
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 November, set for Friday, December 22, 2023, 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 all four major new home markets in November. In Dallas-Ft. Worth, the DOM decreased to 128.43 days versus 128.96 days in October. Houston’s DOM was 83.18 versus 88.15 days in October. In Austin, the DOM decreased to 86.71 days versus 87.63 days in October. In San Antonio, the DOM was 88.31 days versus 88.45 days in October. 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 relatively stable last month, according to the 3-month moving average. In Dallas-Ft. Worth, new home sales were 1,618 versus 1,737 in October. In Houston, November’s total sales were higher at 1,838 versus 1,708 in October. Austin new home sales last month were relatively lower at 808 versus 819 in October. In San Antonio, new home sales in November were 907 versus 860 in October. (See Chart 2: Texas New Home Sales)
Texas New Home Prices
The average price of new homes in all four major new home markets were lower last month. In Dallas-Ft. Worth, the 3-month moving average price for new homes decreased in November to $486,273 from $491,367 in October. In Houston, the average new home price was lower last month at $399,947 versus $410,034 in October. Austin’s 3-month moving average price also decreased in November to $500,831 from $524,400 in October. In San Antonio, the average new home price was $364,319 versus $372,242 in October. (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 November was 97.68 versus 97.88 percent in October. Dallas-Ft. Worth’s ratio was 97.76 versus 97.93 percent in October. In Houston, the ratio was 98.08 versus 98.21 percent in October. In Austin, the sales-to-price ratio was 97.62 versus 97.84 percent in October. San Antonio’s ratio in November was 96.83 versus 97.13 percent in October. (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 November were 5,512 versus 5,664 in October. In Dallas-Ft. Worth, pending new home sales last month were 1,905 versus 2,000 in October. In Houston, pending new home sales in November decreased to 1,695 versus 1,712 in October. In Austin, pending new home sales were flat at 1,067 for both November and October. San Antonio had a decrease in pending sales last month at 845 versus 886 in October. (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 November to 29,514 versus 28,960 in October – the highest level this year. Three of the four Texas major markets posted higher active listings in November. Dallas-Ft. Worth’s active listings in November were 6,840 versus 6,604 in October. Last month’s active listings in Houston were 11,856 versus 11,720 in October. In San Antonio, active listings last month increased to 5,153 versus 4,952 in October. Austin was the exception, as active listings in November decreased to 5,665 from 5,683 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 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 – November 2023: https://homesusa.com/wp-content/uploads/2023/12/Chart-1-Texas-New-Homes-Tracking-Days-on-Market.jpg
Chart 2: Texas New Home Sales Market – November 2023: https://homesusa.com/wp-content/uploads/2023/12/Chart-2-Texas-New-Home-Sales-Market.jpg
Chart 3: Texas New Home Sales Prices Market – November 2023: https://homesusa.com/wp-content/uploads/2023/12/Chart-3-Texas-New-Home-Sales-Prices-Market.jpg
Chart 4: Texas Sales-to-List-Price Ratio Market – November 2023: https://homesusa.com/wp-content/uploads/2023/12/Chart-4-Texas-Sales-to-List-Price-Ratio-Market.jpg
Chart 5: Texas Pending New Home Sales Market – November 2023: https://homesusa.com/wp-content/uploads/2023/12/Chart-5-Texas-Pending-New-Home-Sales-Market.jpg
Chart 6: Texas Active Listings for New Home Market – November 2023: https://homesusa.com/wp-content/uploads/2023/12/Chart-6-Texas-Active-Listings-for-New-Homes-Market.jpg
Chart A: Texas 12-Month Moving Averages Market – November 2023: https://homesusa.com/wp-content/uploads/2023/12/Chart-A-12MonthChart-DataOnly.jpg
