HomesUSA.com reports Days on Market jumps over 45% year-over-year
DALLAS, Feb. 22, 2023 (GLOBE NEWSWIRE) — New homes in Texas are taking longer to sell and average home prices are lower, according to a new HomesUSA.com New Home Sales Report released today by Ben Caballero, the nation’s top-ranked real estate agent and HomesUSA.com CEO.
The HomesUSA.com New Home Sales Report uses Multiple Listing Services data – the most complete, current, and accurate information available – from the Realtor Associations of Austin, North Texas, Houston, and San Antonio.
Caballero notes the HomesUSA.com New Home Sales Index shows the pace of new home sales slowed significantly for the fifth straight month. The statewide 3-month moving average for Days on Market in January jumped, increasing to 83.29 days versus 73.57 days in December. Last year, Days on Market in January 2022 averaged 57.08 days statewide, up over 45% year-over-year.
Texas new home sales were down last month with 4,344 homes sold versus December’s annual record of 4,467.
“Texas new home sales are still showing remarkable stamina – as are Texas builders,” said Caballero. “Statewide and locally – in Houston, Dallas-Ft. Worth, Austin and San Antonio – average new home sales are still strong, despite all of the challenges builders face. In Dallas-Ft. Worth, sales were higher in January than December, which was a record high for 2022.Caballero added, “But keep in mind as inventory rises builders are listing more homes which increases sales reported to MLS.”
New home prices in Texas were lower statewide and in all four of its major new home markets. The 3-month moving average of new home sales prices statewide last month was $460,083 versus $463,514 in December. The average new home price was lower in Houston, Dallas-Ft. Worth, Austin and San Antonio.
The 3-month moving average price for new homes in Austin, which continues to have the highest-priced new homes in the state, decreased in January to $523,931 versus $533,703 in December. Houston’s average new home price decreased in January to $414,728 from $423,512 in December. In Dallas-Ft. Worth, the average new home price declined slightly in January to $501,763 versus $501,789 in December. San Antonio’s average new home price in January was $393,316 versus $396,487 in December.
Another indication that average new home prices are improving for buyers is the sales-to-list-price ratio. It has declined from a recent high of 99.95% in June 2022 to 97.23% in January 2023, dropping for the seventh straight month.
Local MLSs data also shows potentially slowing sales statewide, as active listings of new homes were relatively flat last month. The 3-month average of active listings in Texas’ four largest markets for January was 28,465 versus 28,088 in December.
Dallas, Houston, and San Antonio all reported active listings that were relatively flat. Only Austin showed a significant increase in active listings.
Finally, statewide pending new home sales reported to the MLSs jumped last month to its highest level since last spring. In January, the 3-month moving average of pending new home sales statewide was 5,245 versus 4,605 in December.
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 January, set for Friday, February 24, 2023 at 10:00 am Eastern.
The HomesUSA.com monthly report is based on closed sales recorded inside the 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 continues to increase statewide and in all four major new home markets in January. In Dallas-Ft. Worth, the DOM increased to 94.98 days from 83.16 days in December. Houston’s DOM was 85.09 days versus 76.09 days in December. In San Antonio, the DOM was 73.37 days versus 68.94 days in December. In Austin, the DOM increased to 61.87 days versus 52.24 days in December. (See Chart 1: Texas New Homes Days on Market)
Texas New Home Sales Data
Based on all available local MLS data, total new home sales in Texas were lower statewide and in three of the four major new home markets last month, according to the 3-month moving average. Dallas-Ft. Worth was the exception, as new home sales increased to 1,505 versus 1,458 in December. In Houston, January’s total sales were 1,578 versus 1,677 in December. In San Antonio, new home sales in January fell to 546 versus 580 in December. In Austin, new home sales decreased in January to 716 versus 752 in December. (See Chart 2: Texas New Home Sales)
Texas New Home Prices
The average price of new homes in Texas shows lower prices statewide and in all four major new home markets last month. In Dallas-Ft. Worth, the 3-month moving average price for new homes was lower in January at $501,763 versus $501,789 in December. In Houston, the average new home price was also lower in January at $414,728 versus $423,512 in December. Austin’s 3-month moving average price decreased in January to $523,931 from $533,703 in December. In San Antonio, the average new home price also decreased in January at $393,316 versus $396,487 in December. (See Chart 3: Texas New Home Prices)
Texas Sales-to-List Price Ratio
New home sales statewide and in Dallas-Ft. Worth, Houston, Austin, and San Antonio are continuing to move away from 100 percent of the asking price. Statewide, the 3-month moving average of the sales-to-list price ratio in January was 97.23 versus 97.59 percent in December. Dallas-Ft. Worth’s ratio was 97.65 versus 98.05 percent in December. In Houston, the ratio was 97.20 versus 97.44 percent in December. In Austin, the sales-to-price ratio in January was 96.28 versus 96.79 percent in December. San Antonio’s ratio in January was 97.42 versus 97.92 percent in December. (See Chart 4: Texas Sales-to-List Price Ratio)
Texas Pending New Homes Sales Data
Based on local MLS data, pending new home sales increased statewide and in all four Texas major new home markets last month. Statewide MLS data shows pending sales in January were 5,245 versus 4,605 in December. Pending new home sales last month in Dallas-Ft. Worth were 2,027 versus 1,773 in December. In Austin, pending new home sales in January were 889 versus 714 in December. In Houston, pending new home sales in January increased to 1,655 versus 1,522 in December. In San Antonio, pending sales last month were 674 versus 596 in December. (See Chart 5: Texas Pending New Home Sales)
Texas Active Listings for New Homes
MLS data shows the 3-month moving average for active listings statewide increased in January to 28,465 versus 28,088 in December. Last month, three of the four major Texas new home markets posted higher active listings. Dallas-Ft. Worth’s active listings in January were 7,526 versus 7,513 in December. Last month’s active listings in Houston were 11,600 versus 11,545 in December. January’s active listings in Austin were higher at 4,974 versus 4,634 in December. San Antonio was the anomaly, as active new home listings in January were 4,365 versus 4,395 in December. (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 the four largest Texas markets, including 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.
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 agent to exceed $1 billion in residential sales transactions in a single year, a feat first achieved in 2015 and repeated each year through 2018 when he achieved more than $2 billion. 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 email@example.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.
Image: Ben Caballero
Individual Chart images:
Chart 1: Texas New Homes Tracking – Days on Market – January 2023: https://homesusa.com/wp-content/uploads/2023/02/Chart-1-Texas-Days-on-Market.jpg
Chart 2: Texas New Home Sales Market – January 2023: https://homesusa.com/wp-content/uploads/2023/02/Chart-2-Texas-New-Home-Sales.jpg
Chart 3: Texas New Home Sales Prices Market – January 2023: https://homesusa.com/wp-content/uploads/2023/02/Chart-3-Texas-New-Home-Sales-Prices.jpg
Chart 4: Texas Sales-to-List-Price Ratio Market – January 2023: https://homesusa.com/wp-content/uploads/2023/02/Chart-4-Texas-Sales-to-List-Price-Ratio.jpg
Chart 5: Texas Pending New Home Sales Market – January 2023: https://homesusa.com/wp-content/uploads/2023/02/Chart-5-Texas-Pending-New-Home-Sales-Market.jpg
Chart 6: Texas Active Listings for New Homes Market – January 2023: https://homesusa.com/wp-content/uploads/2023/02/Chart-6-Texas-Active-Listings-for-New-Homes-Market.jpg
Chart A: Texas 12-Month Moving Averages Market – January 2023: https://homesusa.com/wp-content/uploads/2023/02/Chart-A-12MonthChart-DataOnly.jpg