HomesUSA.com Report shows Days on Market increase, Pending Sales trend higher
DALLAS, June 22, 2023 (GLOBE NEWSWIRE) — The Texas new home market continues to “impress” as sales climbed higher last month and average new home prices rebounded, according to the monthly HomesUSA.com New Home Sales Report released today by its author, Ben Caballero, 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 available – from the Realtor Associations of North Texas, Houston, Austin, and San Antonio.
The 3-month moving average of new home sales in Texas for May was 5,920 versus 5,537 new homes sold in April. Caballero explained that seasonality and a robust Texas economy helped push new home sales higher with increasing supply helping to create a more balanced market.
“New home sales set a three-year high in Texas’ largest markets last month and continues to impress, due to builders’ resilience and Texas’s robust economy,” Caballero said. “Builders in Dallas, Houston, Austin, and San Antonio are benefiting from continued high demand, as evidenced by rising new home prices,” he added.
Caballero also notes that in Texas’ top four markets, the 3-month moving average new home price last month was $460,850 versus $451,868 in April. Houston’s average price of a new home in May was $427,401 versus $413,925 in April. In Dallas-Ft. Worth, the 3-month moving average for new home sales was $492,762 in May versus $487,799 in April. Austin’s average new home price in May was $526,416 versus $519,017 in April, and San Antonio was $386,301 versus $377,759 in April.
According to the HomesUSA.com New Home Sales Index, the average number of days to sell a new home increased in May to 108.87 days from 106.10 days in April. “However, Days on Market (DOM) may be peaking as builders and consumers adjust to increased interest rates that began in April 2022. The DOM three-month moving average for Dallas-Ft. Worth active listings is decreasing, Houston and San Antonio are slightly lower, and Austin appears to be topping,” Caballero noted.
The 3-month moving average of active listings in Texas’ four largest markets for May was 26,328 versus 26,593 in April. Dallas-Ft. Worth’s active listings in May were 5,705 versus 5,892; Houston was 11,036 versus 11,123 in April; San Antonio was 4,265 versus 4,307 in April; and Austin was 5,322 versus 5,271 in April.
Pending new home sales in Texas’ four largest markets trended higher last month, a new three-year record high. The 3-month moving average of pending new home sales in May was 7,064 versus 6,952 in April.
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 May, set for Tuesday, June 27, 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 in all four major new home markets in May. In Dallas-Ft. Worth, the DOM increased to 119.83 days from 117.51 days in April. Houston’s DOM was 108.78 days versus 106.77 days in April. In Austin, the DOM increased to 92.63 days versus 88.44 days in April. In San Antonio, the DOM was 97.59 days versus 92.02 days in April. (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 all four major new home markets were higher last month, according to the 3-month moving average. In Dallas-Ft. Worth, new home sales increased to 2,191 versus 2,078 in April. In Houston, May’s total sales were 2,011 versus 1,888 in April. In Austin, new home sales increased in May to 897 versus 803 in April. In San Antonio, new home sales in May rose to 821 versus 767 in April. (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 higher last month. In Dallas-Ft. Worth, the 3-month moving average price for new homes increased in May to $492,762 from $487,799 in April. In Houston, the average new home price was higher in May at $427,401 versus $413,925 in April. Austin’s 3-month moving average price increased in May to $526,416 from $519,017 in April. In San Antonio, the average new home price also increased in May to $386,301 versus $377,759 in April. (See Chart 3: Texas New Home Prices)
Texas Sales-to-List Price Ratio
Cumulative new home sales appear to be stabilizing near 100 percent of the asking price. The 3-month moving average of the sales-to-list price ratio for May was 97.69 versus 97.48 percent in April. Dallas-Ft. Worth’s ratio was 97.84 versus 97.73 percent in April. In Houston, the ratio was 97.78 versus 97.41 percent in April. In Austin, the sales-to-price ratio in May was 97.12 versus 96.95 percent in April. San Antonio’s ratio in May was 97.73 versus 97.55 percent in April. (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 in three of the four Texas major markets last month. Data shows pending sales in May were 7,064 versus 6,952 in April. In Houston, pending new home sales in May increased to 2,123 versus 2,117 in April. In Austin, pending new home sales in May were 1,246 versus 1,174 in April. In San Antonio, pending sales last month were 989 versus 948 in April. Dallas-Ft. Worth was the anomaly, as pending new home sales last month were 2,706 versus 2,713 in April. (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 decreased in May to 26,328 versus 26,593 in April. Last month, three of the four Texas major markets posted lower active listings. Dallas-Ft. Worth’s active listings in May were 5,705 versus 5,892 in April. Last month’s active listings in Houston were 11,036 versus 11,123 in April. San Antonio’s active listings were also lower in May at 4,265 versus 4,307 in April. Austin was the exception, as active listings in May increased to 5,322 from 5,271 in April. (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 – May 2023: /wp-content/uploads/2023/06/Chart-1-Texas-New-Homes-Tracking-Days-on-Market.png
Chart 2: Texas New Home Sales Market – May 2023: /wp-content/uploads/2023/06/Chart-2-Texas-New-Home-Sales-Market.png
Chart 3: Texas New Home Sales Prices Market – May 2023: /wp-content/uploads/2023/06/Chart-3-Texas-New-Home-Sales-Prices-Market.png
Chart 4: Texas Sales-to-List-Price Ratio Market – May 2023: /wp-content/uploads/2023/06/Chart-4-Texas-Sales-to-List-Price-Ratio-Market.png
Chart 5: Texas Pending New Home Sales Market – May 2023: /wp-content/uploads/2023/06/Chart-5-Texas-Pending-New-Home-Sales-Market.png
Chart 6: Texas Active Listings for New Home Market – May 2023: /wp-content/uploads/2023/06/Chart-6-Texas-Active-Listings-for-New-Homes-Market.png
Chart A: Texas 12-Month Moving Averages Market – May 2023: /wp-content/uploads/2023/06/ChartA-Master-HUSA-12-month.jpg
