HOMES SALES UP, PRICES DOWN IN TEXAS
Homes in the Lone Star State are selling faster but for less money, according to a new analysis.
Texas new home sales are up, prices are down, and homes sold a little faster in October, according to HomesUSA.com New Homes Sales Index. The index is 12-month rolling 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 Houston, Dallas-Ft. Worth, Austin and San Antonio.
The pace of new home sales improved in all of these markets but Houston, according to the HomesUSA.com Index for October. The DOM averages were down from September in Dallas-Ft. Worth, Austin and San Antonio.
In Houston – the largest new home market in Texas – the average DOM for new homes increased from 134.51 days in September to 134.57 days in October. In Dallas-Fort Worth, the DOM decreased from 123.06 days in September to 122.65 days in October. The DOM in Austin had the greatest decrease of the four markets, dropping from 112.21 days in September to 111.44 days in October. San Antonio’s new home sales pace also quickened slightly, as the DOM decreased from 106.17 days in September to 106.06 days in October.
Realtor Ben Caballero, owner of HomesUSA.com, notes the Texas data is largely in alignment with the Commerce Department’s announcement today on New Home Sales for October, which reported new home sales were up 6.2 percent nationally from September. He also notes that we may be seeing signs of the impact of Hurricane Harvey seep into Houston’s housing numbers.
“As we head into the winter, we have yet to see the seasonal impact on new home sales, but we may be seeing some signs of Hurricane Harvey’s impact in Houston,” says Caballero. “For builders and buyers, it looks like a merry holiday season. New home sales are continuing at a record pace, and buyers are benefiting from new home prices that are a little lower.”