Texas new home sales flattened last month, but there was still good
news for builders and buyers as homes sold faster and the average
home price fell, according to the newest monthly Texas New Home
Sales Report released today by HomesUSA.com and its
founder and CEO, Ben Caballero, the nation's top-ranked real estate
agent.
The HomesUSA.com New Home Sales Report uses Multiple
Listing Service data – the most comprehensive, current, and
accurate information – from the Realtor Associations of North
Texas, Houston, Austin, and San Antonio.
According to the statewide June MLS data, the 3-month average of
new home sales in Texas was 1% lower than in May as Dallas-Ft.
Worth, Houston, Austin, and San Antonio combined posted a 3-month
average of 6,043 total sales in June versus 6,106 sales in May.
Three of the four major new home sales markets posted either flat
or slightly lower total sales. San Antonio was the exception, as
new home sales last month increased to 1,079 versus 1,073 in
May.
Despite being the second month in a row that Texas averaged more
than 6,000 total new home sales in a single month, Caballero sees
the new home sales market as “challenging,” as new home inventory
continues to build and interest rates remain in the 7% range.
“While new homes sold faster in June compared to May, prices
fell and total sales were flat compared to both last month and May
of last year – and that is a challenge,” said Ben Caballero,
America's No. 1-ranked real estate agent and CEO and founder of
HomesUSA.com.
“Pending sales, an indication of future sales year-over-year,
were about 1% lower, as builders work hard to achieve balanced
production to accommodate moderate demand caused by the higher
mortgage rates,” he added. The average 3-month pending sales for
the four largest Texas new home markets in June totaled 6,916
versus 7,081 in May.
The good news for builders: Days on Market improved
significantly last month with homes selling nearly a week faster
among the four leading Texas new home markets. Dallas-Ft. Worth,
Houston, Austin and San Antonio reported a 3-month average for Days
on Market in June of 102.94 days compared to 109.66 days in May.
Cumulatively, year-over-year in these four markets, the average
Days on Market are 5% lower.
Average new home prices dropThere also was good
news for Texas home buyers as they paid less for a new home in June
versus May, with the average 3-month price falling in all four
major new home markets. Dallas-Ft. Worth, Houston, Austin and San
Antonio, combined posted an average sales price in June of $436,489
versus $442,676 in May. Year-over-year, new home prices have fallen
over 5%.
Active new home listings were only slightly higher in June. The
3-month average active listings inventory in Texas’ four major new
home markets was 30,617 versus 29,979 in May, an increase of 2
percent, and a number that builders continue to work hard to
reduce. The one silver lining in June’s new home sales numbers:
year-over-year, total sales in June are up over 16% from June
2023.
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 Friday, July 26, 2024, at 10:00 am Eastern
time.
The HomesUSA.com monthly report covers closed sales recorded in
MLSs by the 10th day of the following month. Sales reported by
agents after the 10th of the month 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 Improve Significantly – New Homes in
Texas (Exclusive Data) The HomesUSA.com New Home Sales
Index showed the 3-month moving average of Days on Market (DOM) in
June improved significantly in Texas’ four major new home markets.
In Dallas-Ft. Worth, the DOM decreased to 123.16 days versus 134.84
days in May. Houston’s DOM was 94.68 days versus 98.15 days in May.
In Austin, the DOM dropped to 90.81 days versus 93.96 days in May.
In San Antonio, the DOM was 92.58 days versus 99.28 days in May.
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 Tick LowerBased on all
local MLS data, the most reliable and current source of all home
sales activity, total new home sales were lower or flat in three of
the four largest new home markets in Texas last month. The June
3-month moving average of new home sales in Dallas-Ft. Worth was
lower at 1,954 versus 1,986 in May. In Houston, total new home
sales were flat at 2,093 for both last month and May. Austin's new
home sales last month were also lower at 917 versus 955 in May. San
Antonio was the exception, as new home sales in June were higher at
1,079 versus 1,073 in May. (See Chart 2: Texas New Home Sales)
Texas New Home Prices Steadily DecreaseThe
average prices of new homes decreased in all four major new home
markets in Texas last month. In Dallas-Ft. Worth, the 3-month
moving average price for new homes in June was $482,048 versus
$486,197 in May. In Houston, the average new home price in June was
$409,042 versus $411,767 in May. In Austin, the 3-month moving
average price decreased in June to $504,155 versus $520,281 in May.
San Antonio's average new home price was also lower in June at
$349,859 versus $353,388 in May. (See Chart 3: Texas New Home
Prices)
Texas Sales-to-List Price Ratio Remain
StableCumulative new home sales remain slightly lower than
100 percent of the asking price. The combined 3-month moving
average of the sales-to-list price ratio in Texas’ four largest
markets for June was 97.66 versus 97.83 percent a year ago and
97.60 percent in May this year. Dallas-Ft. Worth’s ratio in June
was 97.97 versus 98.04 percent last June and 97.91 percent in May
this year. In Houston, the ratio in June was 96.99 versus 98.07
percent last June and 96.91 percent in May this year. In Austin,
the sales-to-price ratio in June was 97.91 versus 97.38 percent
last June and 97.88 percent in May this year. San Antonio's ratio
in June was 98.21 versus 97.33 percent a year ago and 98.13 percent
in May this year. (See Chart 4: Texas Sales-to-List Price
Ratio)
Texas Pending New Homes Sales DeclineBased on
local MLS data, the average 3-month pending new home sales fell
last month in three of the four largest Texas new home markets. The
combined four-market average in June totaled 6,916 versus 7,081 in
May. In Dallas-Ft. Worth, pending new home sales last month were
2,382 versus 2,489 in May. In Houston, pending new home sales in
June were 2,109 versus 2,188 in May. In Austin, pending new home
sales in June were 1,333 versus 1,370 in May. San Antonio was the
anomaly, as pending new home sales last month increased to 1,092
versus 1,033 in May. (See Chart 5: Texas Pending New Home
Sales)
Texas Active Listings for New Homes
IncreaseActive new home listings increased in all four of
the largest Texas new home markets in June. The June 3-month
average active listings inventory in Texas’ four major new home
markets was 30,617 new homes versus 29,979 in May. Dallas-Ft.
Worth's active listings in June increased to 7,063 versus 6,832 in
May. Active listings in Houston last month also increased to 12,566
versus 12,424 in May. In Austin, active listings in June were
higher at 5,909 versus 5,789 in May. In San Antonio, active
listings last month were 5,079 versus 4,934 in May. (See Chart 6:
Texas Active Listings)
About the HomesUSA.com New Home Sales IndexThe
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, it is
the first Days on Market index to track the Texas new home market
and includes homes listed while under construction. (See Chart A:
12-Month Moving Averages)
*Note: Texas data denotes a combination of its four largest new
home markets – Houston, Dallas-Ft. Worth, Austin, and San Antonio –
which comprise 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 Records 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). Ben, an award-winning innovator and technology
pioneer, works with more than 60 home builders in Dallas-Fort
Worth, Houston, Austin, and San Antonio. His podcast series is
available on iTunes. Learn more at HomesUSA.com |Twitter:
@bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.
Note for journalists: You may contact Ben Caballero directly by
email at ben@homesusa.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.
Media Contact:Kevin Hawkins(206)
866-1220kevin@wavgroup.com
Image: Ben Caballero
(2023)https://homesusa.com/wp-content/uploads/2023/04/Ben_Caballero_1-scaled.jpg
Individual Chart images:
Chart 1: Texas New Homes Tracking – Days on Market –
June 2024:
https://homesusa.com/wp-content/uploads/2024/07/Chart-1-Texas-New-Homes-Tracking-Days-on-Market.jpg
Chart 2: Texas New Home Sales Market – June
2024:
https://homesusa.com/wp-content/uploads/2024/07/Chart-2-Texas-New-Home-Sales-Market.jpg
Chart 3: Texas New Home Sales Prices Market – June
2024:
https://homesusa.com/wp-content/uploads/2024/07/Chart-3-Texas-New-Home-Sales-Prices-Market.jpg
Chart 4: Texas Sales-to-List-Price Ratio Market – June
2024:
https://homesusa.com/wp-content/uploads/2024/07/Chart-4-Texas-Sales-to-List-Price-Ratio-Market.jpg
Chart 5: Texas Pending New Home Sales Market – June
2024:
https://homesusa.com/wp-content/uploads/2024/07/Chart-5-Texas-Pending-New-Home-Sales-Market.jpg
Chart 6: Texas Active Listings for New Home Market –
June 2024:
https://homesusa.com/wp-content/uploads/2024/07/Chart-6-Texas-Active-Listings-for-New-Homes-Market.jpg
Chart A: Texas 12-Month Moving Averages Market – June
2024:
https://homesusa.com/wp-content/uploads/2024/07/ChartA-12MonthChart-DataOnly.jpg