HomesUSA.com says market seasonality kicks in, prices slightly lower and stable
DALLAS, Oct. 24, 2023 (GLOBE NEWSWIRE) — Texas new home sales decline but remain “strong and steady in the face of market seasonality,” according to Ben Caballero and the monthly HomesUSA.com New Home Sales Report released today by 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 – from the Realtor Associations of North Texas, Houston, Austin, and San Antonio.
The 3-month moving average of new home MLS sales in Texas’ four largest markets for September was 5,107 versus 5,450 for new homes sold in August.
“The Texas new home market remains strong and steady,” said Ben Caballero, America’s No. 1-ranked real estate agent and CEO and founder of HomesUSA.com. “Despite a small overall seasonal decline in average new home sales last month, the latest new homes data bodes well for the coming months if interest rates remain steady.”
While the overall new home price average among the four largest Texas markets was slightly lower in September than in August, prices are stabilizing. In Texas’ top four markets, last month’s 3-month moving average new home price was $458,814 versus $460,060 in August. Dallas-Ft. Worth’s latest home price last month was $500,200 versus $500,320 in August. Houston’s average new home price last month of $423,024 versus $424,368 was also slightly lower. Last month, Austin’s average new home price was $534,676 versus $539,095 in August.
Only San Antonio, among the four largest Texas new home markets, posted a marginally higher average price of $373,494 in September versus $372,120 for a new home in August. “The Texas economy continues to flex its strength as builders bring more new homes to the market, working hard to keep pace with the state’s continued growth,” said Caballero.
According to the HomesUSA.com New Home Sales Index, the pace of new home sales peaked in three of the four major markets where Days on Market improved. New homes stayed on the market in Dallas-Ft. Worth a bit longer, which posted a higher DOM average for September. Overall, the DOM in Texas continues to remain stable.
Last month, the average number of days to sell a new home in Texas’s four major home markets was 103.89 versus 105.58 days in August. The DOM in Houston last month was 93.73 versus 99.18 days in August. Austin’s DOM in September was 91.30 versus 93.70 days in August, and the DOM in San Antonio last month was 89.28 versus 91.47 days in August. The DOM in Dallas-Ft. Worth was higher in September at 126.81 versus 124.06 days in August.
Pending new home sales in Texas’ four largest markets were down again for the fourth consecutive month in September. The 3-month moving average of pending new home sales last month was 5,816 versus 6,096 in August.
Active listings continue to stabilize, with the 3-month moving average for active listings of new homes in Texas’ top four markets last month totaling 27,972 versus 27,305 new homes in August.
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 September, set for Wednesday, October 25, 2023, at 10:00 am Eastern time.
The HomesUSA.com monthly report is based on closed sales recorded in 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 decreased in three of the four major new home markets in September. Houston’s DOM was 93.73 days versus 99.18 days in August. In Austin, the DOM decreased to 91.30 days versus 93.70 days in August. In San Antonio, the DOM was 89.28 days versus 91.47 days in August. Dallas-Ft. Worth was the exception, as the DOM increased to 126.81 days from 124.06 days in August. Caballero points out that new homes have significantly higher Days on Market or DOM than existing homes because most are listed while under construction. (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 lower last month, according to the 3-month moving average. In Dallas-Ft. Worth, new home sales decreased to 1,755 versus 1,885 in August. In Houston, September’s total sales were 1,669 versus 1,760 in August. In Austin, new home sales also decreased in September to 816 versus 876 in August. In San Antonio, new home sales in September dropped to 867 versus 929 in August. (See Chart 2: Texas New Home Sales)
Texas New Home Prices
The average price of new homes in three of the four major new home markets were lower last month. In Dallas-Ft. Worth, the 3-month moving average price for new homes decreased in September to $500,200 from $500,320 in August. In Houston, the average new home price was lower in September at $423,024 versus $424,368 in August. Austin’s 3-month moving average price also decreased in September to $534,676 from $539,095 in August. San Antonio was the anomaly, as the average new home price increased in September to $373,494 versus $372,120 in August. (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 September was 98.01 versus 97.98 percent in August. Dallas-Ft. Worth’s ratio was 98.13 versus 98.26 percent in August. In Houston, the ratio was 98.37 versus 98.35 percent in August. In Austin, the sales-to-price ratio in September was 97.84 versus 97.79 percent in August. San Antonio’s ratio in September was 97.25 versus 96.91 percent in August. (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 all four Texas major markets last month. Data shows pending sales in September were 5,816 versus 6,096 in August. In Dallas-Ft. Worth, pending new home sales last month were 2,135 versus 2,200 in August. In Houston, pending new home sales in September decreased to 1,725 versus 1,839 in August. In Austin, pending new home sales in September were 1,085 versus 1,171 in August. In San Antonio, pending sales last month were 871 versus 886 in August. (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 increased in September to 27,972 versus 27,305 in August. Last month, all four Texas major markets posted higher active listings. Dallas-Ft. Worth’s active listings in September were 6,277 versus 6,050 in August. Last month’s active listings in Houston were 11,470 versus 11,342 in August. In Austin, active listings in September increased to 5,523 from 5,405 in August. In San Antonio, active listings also increased in September to 4,702 versus 4,508 in August. (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 – September 2023: https://homesusa.com/wp-content/uploads/2023/10/Chart-1-Texas-New-Homes-Tracking-Days-on-Market.jpg
Chart 2: Texas New Home Sales Market – September 2023: https://homesusa.com/wp-content/uploads/2023/10/Chart-2-Texas-New-Home-Sales-Market.jpg
Chart 3: Texas New Home Sales Prices Market – September 2023: https://homesusa.com/wp-content/uploads/2023/10/Chart-3-Texas-New-Home-Sales-Prices-Market.jpg
Chart 4: Texas Sales-to-List-Price Ratio Market – September 2023: https://homesusa.com/wp-content/uploads/2023/10/Chart-4-Texas-Sales-to-List-Price-Ratio-Market.jpg
Chart 5: Texas Pending New Home Sales Market – September 2023: https://homesusa.com/wp-content/uploads/2023/10/Chart-5-Texas-Pending-New-Home-Sales-Market.jpg
Chart 6: Texas Active Listings for New Home Market – September 2023: https://homesusa.com/wp-content/uploads/2023/10/Chart-6-Texas-Active-Listings-for-New-Homes-Market.jpg
Chart A: Texas 12-Month Moving Averages Market – September 2023: https://homesusa.com/wp-content/uploads/2023/10/Chart-A-12MonthChart-DataOnly.jpg