HomesUSA.com Report shows prices flatten, sales and Days on Market stabilize
DALLAS, July 25, 2023 (GLOBE NEWSWIRE) — The Texas new home market is stabilizing as sales remained strong yet relatively flat last month, 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’ four largest markets for June was 5,803, versus 5,920 new homes sold in May. Although sales dipped slightly from May, Caballero said, “Overall, the new home market is doing well as it is becoming more balanced in Dallas-Ft. Worth, Houston and San Antonio compared to last year at this time. This sales plateau follows a very good upward market that began in the fall of 2021. I expect sales to move sideways to lower the rest of the year as market seasonality kicks in. If sales continue to increase the rest of the year, it will indicate we are in an extremely strong housing market.”
“For the past year, new home prices have been flat to slightly down but are recovering to near their all-time peak,” added Caballero. In Texas’ top four markets, last month’s 3-month moving average new home price was $462,307 versus $460,850 in May. Dallas-Ft. Worth’s 3-month moving average new home price in June was $493,647 versus $492,762 in May. Austin’s average new home price in June was $541,517 versus $526,416 in May. San Antonio’s average home price in June was slightly lower – $385,734 versus $386,301 in May, as was Houston, with the average price of a new home in June being $426,314 versus $427,401 in May.
According to the HomesUSA.com New Home Sales Index, the average number of days to sell a new home in June was flat month-over-month: 108.79 days versus 108.87 days in May. “Remember, when comparing days-on-market for new homes and existing homes, new homes have a higher DOM because most are listed while under construction. New home sales are benefiting from the low inventory of existing home sales,” Caballero said.
The 3-month moving average of active listings in Texas’ four largest markets for June also was flat, with 26,324 versus 26,328 in May. Dallas-Ft. Worth’s active listings in June were 5,680 versus 5,705 in May; Houston was 11,020 versus 11,036; San Antonio was 4,322 versus 4,265; and Austin was 5,301 versus 5,322 in May.
Pending new home sales in Texas’ four largest markets were down marginally last month, with Caballero citing a lack of new home inventory as the culprit. The 3-month moving average of pending new home sales in June was 6,827 versus 7,064 in May. “This is most likely a reflection of seasonality,” Caballero observed.
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 June, set for Wednesday, July 26, 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 two of the four major new home markets in June. In Dallas-Ft. Worth, the DOM remained flat at 119.22 days from 119.83 days in May. Houston’s DOM was 107.23 days versus 108.78 days in May. In Austin, the DOM increased to 95.16 days versus 92.63 days in May. In San Antonio, the DOM was 101.04 days versus 97.59 days in May. (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 three of the four major new home markets were lower last month, according to the 3-month moving average. In Dallas-Ft. Worth, new home sales decreased to 2,097 versus 2,191 in May. In Houston, June’s total sales were 1,951 versus 2,011 in May. In Austin, new home sales decreased in June to 895 versus 897 in May. San Antonio was the anomaly, as new home sales in June rose to 859 versus 821 in May. (See Chart 2: Texas New Home Sales)
Texas New Home Prices
The average price of new homes in two of the four major new home markets were higher last month. In Dallas-Ft. Worth, the 3-month moving average price for new homes increased in June to $493,647 from $492,762 in May. In Houston, the average new home price was lower in June at $426,314 versus $427,401 in May. Austin’s 3-month moving average price increased in June to $541,517 from $526,416 in May. In San Antonio, the average new home price decreased in June to $385,734 versus $386,301 in May. (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 June was 97.83 versus 97.69 percent in May. Dallas-Ft. Worth’s ratio was 98.04 versus 97.84 percent in May. In Houston, the ratio was 98.07 versus 97.78 percent in May. In Austin, the sales-to-price ratio in June was 97.38 versus 97.12 percent in May. San Antonio’s ratio in June was 97.33 versus 97.73 percent in May. (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 two of the four Texas major markets last month. Data shows pending sales in June were 6,827 versus 7,064 in May. In Dallas-Ft. Worth, pending new home sales last month were 2,531 versus 2,706 in May. In Houston, pending new home sales in June decreased to 2,035 versus 2,123 in May. In Austin, pending new home sales in June were 1,263 versus 1,246 in May. In San Antonio, pending sales last month were 999 versus 989 in May. (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 June to 26,324 versus 26,328 in May. Last month, three of the four Texas major markets posted lower active listings. Dallas-Ft. Worth’s active listings in June were 5,680 versus 5,705 in May. Last month’s active listings in Houston were 11,020 versus 11,036 in May. In Austin, active listings in June decreased to 5,301 from 5,322 in May. San Antonio was the exception, as active listings increased in June to 4,322 versus 4,265 in May. (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 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 (2023)
Individual Chart images:
Chart 1: Texas New Homes Tracking – Days on Market – June 2023: https://homesusa.com/wp-content/uploads/2023/07/Chart-1-Texas-New-Homes-Tracking-Days-on-Market.jpg
Chart 2: Texas New Home Sales Market – June 2023: https://homesusa.com/wp-content/uploads/2023/07/Chart-2-Texas-New-Home-Sales-Market.jpg
Chart 3: Texas New Home Sales Prices Market – June 2023: https://homesusa.com/wp-content/uploads/2023/07/Chart-3-Texas-New-Home-Sales-Prices-Market.jpg
Chart 4: Texas Sales-to-List-Price Ratio Market – June 2023: https://homesusa.com/wp-content/uploads/2023/07/Chart-4-Texas-Sales-to-List-Price-Ratio-Market.jpg
Chart 5: Texas Pending New Home Sales Market – June 2023: https://homesusa.com/wp-content/uploads/2023/07/Chart-5-Texas-Pending-New-Home-Sales-Market.jpg
Chart 6: Texas Active Listings for New Home Market – June 2023: https://homesusa.com/wp-content/uploads/2023/07/Chart-6-Texas-Active-Listings-for-New-Homes-Market.jpg
Chart A: Texas 12-Month Moving Averages Market – June 2023: https://homesusa.com/wp-content/uploads/2023/07/Chart-A-12MonthChart-DataOnly.jpg