Houston’s new-home market experienced sales declines for the third consecutive month in August, HomesUSA reported.
Homebuyers purchased 2,125 new homes during the month, down from 2,281 in July but up from 1,970 in August 2024. Pending listings also declined annually, with 2,135 listings going under contract.
The average new-home price decreased just slightly to $402,285, down from $402,741 a year prior.
Meanwhile, new-home inventory climbed 19.5% year over year to over 15,000 listings, the highest volume in the history of HomesUSA’s report.
“Declining new-home sales are not surprising after what we saw this spring,” HomesUSA CEO Ben Caballero said in a press release. “Houston builders continue to build one of the largest inventory benches we’ve seen in years. They’re prepared, [and] if rates give them any room, they’ll be ready to put that inventory to work.”
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