HomesUSA.com says market seasonality kicks in, as prices dip in all four major markets
DALLAS, Nov. 27, 2023 (GLOBE NEWSWIRE) — Texas new home sales were flat last month, average home prices were lower in all four major markets, but 2024 “looks strong,” according to Ben Caballero and the new monthly HomesUSA.com New Home Sales Report released today by the nation’s top-ranked real estate agent and HomesUSA.com CEO. 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.
The 3-month moving average of new home MLS sales in Texas’ four largest markets for October was 5,125 versus 5,107 for new homes sold in September.
“The strength I’m seeing in new home production and sales this fall indicates that 2024 looks strong for Texas home builders,” said Ben Caballero, America’s No. 1-ranked real estate agent and CEO and founder of HomesUSA.com, adding, “That’s provided interest rates remain steady or decline and the economy remains stable.”
The overall new home price average among the four largest Texas markets dipped in October. In Texas’ top four markets, last month’s 3-month moving average new home price was $449,386 versus $458,814 in September. Dallas-Ft. Worth’s home price last month was $491,367 versus $500,200 in September. Houston’s average new home price last month was $410,034 versus $423,024 in September. Last month, Austin’s average new home price was $524,400 versus $534,676, and San Antonio also posted a lower average price of $372,242 versus $373,494 in September.
“The Texas new home market in October sounds like a broken record – strong and steady, strong and steady,” noted Caballero. “Overall sales were relatively flat, largely due to seasonality. Still, the overall data is validating continued strength of our Texas economy.”
According to the HomesUSA.com New Home Sales Index, the pace of new home sales picked up in Houston, Austin and San Antonio as all three major markets reported fewer Days on Market last month. Dallas once again was the exception as new homes stayed on the market a little longer. Overall, the DOM in Texas’ top four markets improved in October.
Last month, the average number of days to sell a new home in Texas’s four major home markets was 101.86 versus 103.89 in September. The DOM in Houston last month was 88.15 days versus 93.73 days in September. Austin’s DOM in October was 91.30 versus 93.70 days in August, and the DOM in San Antonio last month was 88.45 days versus 89.28 days in September. The DOM in Dallas-Ft. Worth was higher in October at 128.96 versus 126.81 days in September.
Average pending sales were somewhat lower in three of the four major Texas new home markets, again largely due to seasonality, according to Ben Caballero. The anomaly was San Antonio where pending sales were slightly lower. The overall 3-month moving average of pending new home sales last month was 5,664 versus 5,816 in September.
Inventory is coming back – at last. Active listings reached its highest level of the year in Houston, Austin, and San Antonio. The 3-month moving average for active listings of new homes in Texas’ top four markets last month totaled 28,960 versus 27,972 new homes in September.
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 Monday, November 27, 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 three of the four major new home markets in September. Houston’s DOM was 88.15 versus 93.73 days in September. In Austin, the DOM decreased to 87.63 days versus 91.30 days in September. In San Antonio, the DOM was 88,45 days versus 89.28 days in September. Dallas-Ft. Worth was the exception, as the DOM increased to 128.96 days versus 126.81 days in September. 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 flat last month, according to the 3-month moving average. In Dallas-Ft. Worth, new home sales were 1,727 versus 1,755 in September. In Houston, October’s total sales were marginally higher at 1,708 versus 1,669 in September. Austin new home sales last month were relatively flat with 819 versus 816 in September. In San Antonio, new home sales in October were 860 versus 867 in September. (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 October to $491,367 from $500,200 in September. In Houston, the average new home price was lower last month at $410,034 versus $423,024 in September. Austin’s 3-month moving average price also decreased in October to $424,400 from $534,676 in September. In San Antonio, the average new home price was $372,242 versus $373,494 in September. (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 October was 97.88 versus 98.01 percent in September. Dallas-Ft. Worth’s ratio was 97.93 versus 98.13 percent in September. In Houston, the ratio was 98.21 versus 98.37 percent in September. In Austin, the sales-to-price ratio in October was flat at 97.84 percent in October and September. San Antonio’s ratio in October was 97.13 versus 97.25 percent in September. (See Chart 4: Texas Sales-to-List Price Ratio)
Texas Pending New Homes Sales Data
Based on local MLS data, pending new home sales decreased in three of the four Texas major markets last month. Data shows pending sales in October were 5,665 versus 5,816 in September. In Dallas-Ft. Worth, pending new home sales last month were 2,000 versus 2,135 in September. In Houston, pending new home sales in October decreased to 1,712 versus 1,725 in September. In Austin, pending new home sales in October were 1,067 versus 1,085 in September. San Antonio again posted the only increase in pending sales last month with 886 versus 871 in September. (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 October to 28,960 versus 27,972 in September – the highest level this year. For the fourth consecutive month, all four Texas major markets posted higher active listings. Dallas-Ft. Worth’s active listings in October were 6,604 versus 6,277 in September. Last month’s active listings in Houston were 11,720 versus 11,470 in September. In Austin, active listings in October increased to 5,683 from 5,523 in September. In San Antonio, active listings last month to 4,952 versus 4,702 in September. (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@as-husa-cus-wp-prod.azurewebsites.net.
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)
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Individual Chart images:
Chart 1: Texas New Homes Tracking – Days on Market – October 2023: /wp-content/uploads/2023/11/Chart-1-Texas-New-Homes-Tracking-Days-on-Market.jpg
Chart 2: Texas New Home Sales Market – October 2023: /wp-content/uploads/2023/11/Chart-2-Texas-New-Home-Sales-Market.jpg
Chart 3: Texas New Home Sales Prices Market – October 2023: /wp-content/uploads/2023/11/Chart-3-Texas-New-Home-Sales-Prices-Market.jpg
Chart 4: Texas Sales-to-List-Price Ratio Market – October 2023: /wp-content/uploads/2023/11/Chart-4-Texas-Sales-to-List-Price-Ratio-Market.jpg
Chart 5: Texas Pending New Home Sales Market – October 2023: /wp-content/uploads/2023/11/Chart-5-Texas-Pending-New-Home-Sales-Market.jpg
Chart 6: Texas Active Listings for New Home Market – October 2023: /wp-content/uploads/2023/11/Chart-6-Texas-Active-Listings-for-New-Homes-Market.jpg
Chart A: Texas 12-Month Moving Averages Market – October 2023: /wp-content/uploads/2023/11/Chart-A-12MonthChart-DataOnly.jpg
