Houston Back on Top, Passes Dallas With Most New Home Sales
HomesUSA.com Releases Texas New Homes Data for June
While the hot Texas new home sales market may be cooling this summer, Houston just took back its position from Dallas-Ft. Worth as the state’s number one market for new home sales last month, according to a report released by HomesUSA.com. The real estate data comes from the Houston Association of REALTORS, North Texas Real Estate Information Systems, San Antonio Board of REALTORS and the Austin Board of REALTORS Multiple Listing Services.
Total 12-month rolling average of new home sales for Houston in June hit a record of 1,388 versus Dallas-Ft. Worth’s 1,364 in June. It’s the fifth month in a row of higher new home sales in Houston. Dallas-Ft. Worth displaced Houston as Texas’s top new home sales market, as measured by the total number of average monthly sales, in December 2017.
“The resilience of Houston shines through in its housing numbers when you consider how strongly it has bounced back from the impact of Hurricane Harvey,” said Texan Ben Caballero, owner of HomesUSA.com, “and Dallas-Ft. Worth new home sales market remains a juggernaut.” Caballero further stated, “While Texas builders are still enjoying a solid new home sales market, total sales are down slightly in June, and the drop in pending new home sales continues to cast a shadow over the prospects for Texas new home sales in the near future.” Caballero is the nation’s top-ranked real estate agent and real estate’s first Guinness World Record holder for real estate sales.
The 12-month rolling average of new home sales for Texas in June was 3,985 versus 4,001 in May. That ended the state’s streak of four straight months of higher new home sales in Texas’s four biggest markets: Houston, Dallas-Ft. Worth, Austin and San Antonio.
Pending new homes continued to fall in Texas. Last month, pending new home sales were again lower in all four of the state’s biggest new homes markets, HomesUSA.com reported. For Texas, pending new home sales for June based on a 12-month rolling average were 3,547, down from 3,797 pending new home sales in May.
Exclusive Data: Average Days on Market – New Homes in Texas
The HomeUSA.com New Home Sales Index showed the state’s pace of new home sales improved last month. The average Days on Market (DOM) for new home sales statewide was 119.73 days in June, down from 120.29 days in May. In Dallas-Ft. Worth, the DOM was flat at 115.51 days in June versus 115.50 days in May. Houston DOM numbers improved, dropping to 135.77 days in June from 137.02 days in May.
The new home sales pace in both Austin and San Antonio also showed some improvement. The DOM in Austin dropped to 111.05 days in June from 111.42 days in May. San Antonio showed a faster sales pace, with its DOM dropping to 102.06 days in June from 102.68 days in May. (See Chart 1: Texas New Homes Days on Market)
Texas New Home Sales Data
New home sales fell slightly statewide in June. New home sales in the four markets include in the Index posted a 12-month rolling average of 3,985 for June versus 4,001 for May. In June, new home sales were higher in Houston and Austin, but somewhat lower in Dallas-Ft. Worth and San Antonio.
Houston total new home sales in June were 1,388 versus 1,379 total sales in May. Austin total new home sales in June were 700, up marginally from 698 total sales in May. Dallas-Ft. Worth total new home sales in June were 1,364 versus 1,385 total sales in May. San Antonio total new home sales in June were 534 versus 538 total sales in May. (See Chart 2: Texas New Home Sales)
Texas New Home Prices
New home prices were lower in three of the top four new home markets statewide. The average new home price in Texas for June was also lower at $357,130 versus $358,337 for May. New home prices were down in Houston, Dallas-Ft. Worth, and Austin in June.
In Dallas-Ft. Worth, the average new home price for June was $373,960 versus $375,186 for May. In Houston, the average new home price for June was $358,810 versus $360,642 for May. Austin’s average new home price in June was $367,041 versus $368,530 in May. San Antonio was the anomaly, as its average new home price for June was $297,387, up from $296,378 for May. (See Chart 3: Texas New Home Prices)
Texas Pending Sales Data
Pending new home sales were lower in all four of the state’s top new home markets. Dallas-Ft. Worth posted a 12-month rolling average for pending new home sales in June of 1,225 versus 1,317 pending sales in May. Total pending sales for Austin in June were 622, down from 658 pending home sales in May. San Antonio pending new home sales in June were 471, down from 506 pending new home sales in May. Pending new home sales in Houston for June were 1,229 versus 1,316 pending sales in May. (See Chart 4: Texas Pending New Home Sales)
Caballero is sharing this Texas new homes report one week in advance of the release by Commerce Department of its national New Residential Home Sales report for June on Wednesday, July 24 at 10:00 am Eastern. HomesUSA.com publishes new home sales information for Texas’ four largest new home markets monthly, gleaned from local Multiple Listing Services, including the Houston Association of REALTORS, North Texas Real Estate Information Systems, San Antonio Board of REALTORS and the Austin Board of REALTORS.
About the HomesUSA.com New Home Sales Index
The HomesUSA.com Index is a 12-month rolling 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 and the most productive real estate agent in the world, it is the first index to track the sale pace of new home sales specifically.