TEXAS-NEW HOME MARKET SHOWS MIXED SIGNALS FOR APRIL
HomesUSA.com™ Says April Sales and Pending Sales Drop, but Sales Pace Improves
Dallas, Texas – May 15, 2019 – Both new home sales and pending home sales dropped in Texas last month. But the average price for new homes statewide was higher, and the sales pace for new homes in Texas improved last month, according to a report released by HomesUSA.com™ for April, based on data 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.
Pending sales fell again in Texas last month. Pending new home sales were lower in all four of the state’s biggest new homes markets including Dallas-Fort Worth, Houston, Austin and San Antonio, HomesUSA.com™ reported. For Texas, pending new home sales for April based on a 12-month rolling average were 3,357, down from 3,654 pending sales in March.
“Texas’s new home market gave us some mixed signals in April, with a combination of good news and bad news for builders,” said Texan Ben Caballero, owner of HomesUSA.com™, and real estate’s first Guinness World Record holder for real estate sales. “The good news for builders in April came in the form of slightly higher home prices and a slight improvement in the Days on Market for new homes. The bad news for builders was overall new home sales, while healthy, continue to flatten, and the total number for pending new home sales in April show a continuation of a decline that began in November,” he added.
Average Days on Market – New Homes in Texas
The HomeUSA.com New Home Sales Index also showed the average Days on Market for new home sales pace was 120.37 days in April and 120.45 days in March. In Dallas-Ft. Worth, the DOM was 115.45 days in April and 115.70 days in March. Houston shows its DOM improved slightly, with 136.91 days in April and 136.67 days in March. The new home sales pace in San Antonio was relatively flat, as the DOM report shows 103.41 days in April and 103.35 days in March. The DOM in Austin showed improvement, dropping to 111.45 days in April to 112.09 days in March. [Note: We now have retroactively updated the statewide DOM numbers as the Houston Association of Realtors resolved its technical issues and is again providing local Days on Market data.] (See Chart 1: Texas New Homes Days on Market)
Texas New Home Sales Data
New home sales were completely flat statewide in April. New home sales posted a 12-month rolling average of 3,891 total sales for April, the same total for March. The state’s two biggest new home markets – Dallas-Ft. Worth and Houston – showed some improvement, while both Austin and San Antonio reported slightly lower sales. Dallas-Ft. Worth total sales in April were 1,352 and there were 1,347 total sales in March. Houston total new home sales were in April were 1,343 and there were 1,338 total sales in March.
Austin total new home sales in April were 678 and 685 total sales in March. San Antonio total new home sales dropped to 518 total sales in April from 522 total sales in March. (See Chart 2: Texas New Home Sales)
Texas New Home Prices
New home prices were flat statewide, with the average new home price for April at $358,468 and $357,388 for March. New home prices were up in two of the state’s four biggest new homes markets, both Dallas-Ft. Worth and Houston. In Dallas-Ft. Worth, the average new home price for April was $374,847 and $373,262 for March. In Houston, the average new home price for April was $360,868 and $359,528 for March.
In San Antonio and Austin, new home prices were flat in April. San Antonio’s average new home price for April was $297,493 and $297,471 for March. Austin’s new home price in April was $368,102 and $368,124 in March. (See Chart 3: Texas New Home Prices)
Texas Pending Sales Data
For the fifth straight month, pending new home sales were lower in all four of the state’s biggest new home markets. Dallas-Ft. Worth posted pending new home sales in April of 1,180 and 1,273 pending sales in March. Pending new home sales in Houston for April were 1,160 and 1,265 pending sales in March.
Total pending sales for Austin in April were 581, down from 633 pending home sales in March. San Antonio pending new home sales in April were 437, down from 483 pending new home sales in March. (See Chart 4: Texas Pending New Home Sales)
Caballero is now sharing Texas new homes data well before the Commerce Department will release its national report for New Residential Home Sales for April on Thursday, May 23 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.