The new home sales pace in Dallas-Ft. Worth, Austin, and San Antonio remained roughly unchanged for August, as the Days on Market (DOM) for new home sales statewide remained nearly flat at 112.97 days last month versus 112.70 days in July. (Due to technical issues the Houston Association of Realtors is experiencing, they are unable to provide Days on Market data. This report will be updated when data is provided.)
The HomesUSA.com™ Index shows the Days on Market for Dallas-Ft. Worth, the state and nation’s biggest new home market in total sales volume, was relatively flat up from 114.71 days in July to August at 115.15 days in August. Austin’s DOM was essentially flat from 113.38 days in July to 113.40 days in August. San Antonio showed almost the same pattern, as its DOM was down slightly from 107.45 days in July to 107.20 days in August. “Seasonality remains the most likely reason for these flat numbers,” said Ben Caballero, owner of HomesUSA.com. (See Chart 1 and Chart 2 )
The big news for August was the record average of new home sales in Texas registered last month. The rolling average of total new home sales in the four largest market – Dallas-Ft. Worth, Houston, Austin and San Antonio – was 3,790 total home sales. That’s the highest level for the year, up from the previous high of 3,743 recorded the prior month in July.
“Texas new sales numbers continue to amaze,” said Caballero. “Even in Houston, total new home sales continue to improve each month while Dallas-Ft. Worth continues to report solid sales,” he noted, citing other information released today and compiled by HomesUSA.com™ from local MLS and trade associations, including the Houston Association of REALTORS, North Texas Real Estate Information Systems, San Antonio Board of REALTORS and the Austin Board of REALTORS.
Real estate’s first Guinness World Records holder for home sales1, Caballero, is sharing this Texas new homes data in tandem with this morning’s announcement by the Commerce Department on New Home Sales for August. The Commerce Department issues its nationwide new home construction data at 10:00 am Eastern, Wednesday, September 26, 2018.
NUMBER OF HOME SALES BY CITY
Three of the four largest new home building markets in Texas showed higher total sales last month, except its largest: Dallas-Ft. Worth. New home sales in Dallas-Ft. Worth remained flat, with 1,333 average home sales for both July and August.
Houston new home sales in August were 1,278, up from 1,241 in July. New home sales also higher in Austin, up from 661 sales in July to 666 sales in August. In San Antonio, home sales were higher last month with 514 sales in August, up from 508 sales in July. (See Chart 3)
NEW HOME PRICES ROSE SLIGHTLY IN AUGUST
In Texas, new home prices rose slightly statewide as the average price increased from $352,409 in July to $353,668 in August. In the four major cities, new home pricing trends were mixed. In Austin, the average new home price decreased slightly from $366,504 in July to $366,435 in August. In Houston, the average new home price went down slightly from $356,877 in July to $354,838 in August.
Dallas-Ft. Worth had the largest increase in new home prices. Its average new home price jumped from $364,552 in July to $369,283 in August. San Antonio saw its average new home price increase slightly from $293,906 in July to $294,154 in August. (See Chart 4)
About the HomesUSA.com™ New Home Sales Index
The HomesUSA.com™ Index is a 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 Dallas-Ft. Worth, Houston, Austin, and San Antonio. Created by Ben Caballero, founder and CEO of HomesUSA.com and the most productive real estate agent in the world, it is the first index to track the sale pace of new home sales specifically;
1 “Most annual home sale transactions through MLS by an individual sell side real estate agent – current.” – Guinness World Records – awarded 2018