Texas new homes market sees sales jump
DALLAS, May 18, 2022 (GLOBE NEWSWIRE) — Texas new homes sales jumped last month – despite inventory challenges – posting a higher average new home price statewide, and a slight decrease in the average Days on Market, according to the latest monthly report from HomesUSA.com.
The HomesUSA.com April 2022 new homes report for Texas that includes Dallas-Ft. Worth, Houston, Austin, and San Antonio features data from the North Texas Real Estate Information Systems, Houston Association of REALTORS, Austin Board of REALTORS, and San Antonio Board of REALTORS.
The 3-month moving average of Texas new home sales shows April sales listed in the Multiple Listing Services increased to 4,088 from 3,772 in March. Limited inventory continues to impact the market as the 3-month moving average for April shows active listings decreasing to 11,224 versus 11,825 in March. Active listings are down 20% from a year ago. In April 2021, the active listings’ 3-month moving average showed 13,996 new homes statewide for sale in the MLS.
Dallas-based HomesUSA.com also reports 3-month moving averages of sales show a slightly faster sales pace of Texas new homes last month. The average Days on Market for a new home in Texas was 58.47 days, down from 59.02 days in March, according to the HomesUSA.com New Home Sales Index.
New home prices statewide increased last month – a ongoing trend. The 3-month moving average of new home sale prices in April was a record $444,338 versus $440,196 in March – up over $62,250 since April 2021, an increase of over 16 percent, year-over-year.
Average new home prices were higher in Dallas-Ft. Worth ($470,756 in April versus $461,418 in March), Houston ($414,058 versus $410,124) and San Antonio ($370,165 versus $367,139). However, the average new home price was lower in Austin ($556,764 versus $559,337).
“Builders are increasing production but the Texas’ new homes market’s resilience is challenging their efforts to meet the demand,” said Ben Caballero, CEO of HomesUSA.com, a three-time world record holder for most home sales and a top US new home sales expert. “Sales were up in the four largest new home markets last month as builders see unrelenting demand,” Caballero added.
Caballero notes that builders are listing more new homes in the MLS (Multiple Listing Service), which remains the most reliable and timely source of all residential sales data. Previously, new homes sold so fast that builders were not listing all their inventory in the MLS, but Caballero is personally seeing a record number of listings since mid-March.
Caballero is sharing the HomesUSA.com New Homes Report in advance of the release by the Commerce Department of its nationwide New Residential Sales Report for April, set for Tuesday, May 24 at 10:00 am Eastern.
Caballero noted this monthly HomesUSA.com report includes both 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. 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 declined statewide in April. Houston’s DOM was 73.40 days versus 74.38 days in March. In Dallas, the DOM decreased to 50.52 days from 51.85 days in March. In Austin the DOM increased marginally to 29.37 days versus 29.31 days in March. In San Antonio, the DOM increased slightly to 54.31 days versus 52.69 days in March. (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 Texas were higher statewide and in all four of the major new home markets last month, according to the 3-month moving average. In Houston, April total sales were 1,775 versus 1,635 in March. Dallas-Ft. Worth new home sales also increased to 1,321 versus 1,253 in March. In Austin, April sales totaled 497 versus 458 in March. In San Antonio, new home sales increased to 495 from 426 in March. (See Chart 2: Texas New Home Sales)
Texas New Home Prices
The average price of new homes in Texas shows higher prices statewide and in three of the four major new home markets last month. Dallas-Ft. Worth reported its 3-month moving average price for new homes was higher in April at $470,756 versus $461,418 in March. Houston’s average new home price was also higher in April at $414,058 versus $410,124 in March. In San Antonio, the average new home price was higher in April at $370,165 versus $367,139 in March. Austin’s 3-month moving average price was the exception, as it decreased in April to $556,764 from $559,337 in March. (See Chart 3: Texas New Home Prices)
Texas Sales-to-List Price Ratio
New home sales statewide and in Dallas-Ft. Worth, Houston, Austin, and San Antonio still hover close to 100 percent of the asking price and in two markets exceeded it. Statewide, the 3-month moving average of the sales-to-list price ratio in April was 99.765 versus 99.572 percent versus in March. Dallas-Ft. Worth’s ratio was 100.472 versus 100.219 percent in March. In Houston, the ratio was 99.027 versus 98.875 in March. In Austin, the sales-to-price ratio in April was 100.771 versus 100.498 percent in March. San Antonio’s ratio in April was 99.532 versus 99.364 in March. (See Chart 4: Texas Sales-to-List Price Ratio)
Texas Pending New Homes Sales Data
Based on local MLS data, pending new home sales dropped statewide and in all four of Texas’s major new home markets last month. Statewide MLS data shows pending sales in April were 5,287 versus 5,583 in March. Houston’s pending sales in April were 2,275 versus 2,372 in March. Pending new home sales last month in Dallas-Ft. Worth were 1,566 versus 1,577 in March. Austin’s pending sales in April were 652 versus 683 in March. In San Antonio, pending sales last month were 795 versus 951 in March. (See Chart 5: Texas Pending New Home Sales)
Texas Active Listings for New Homes
MLS data shows the 3-month moving average for active listings statewide declined slightly in April to 11,224 versus 11,825 in March. Last month, three of the four major Texas new home markets posted lower active listings. Dallas-Ft. Worth’s active listings in April were 933 versus 1,249 in March. Last month’s active listings in Houston were 7.208 versus 7,426 in March. April’s active listings in Austin were lower at 1,347 versus 1,463 in March. San Antonio was the anomaly, reporting active new home listings in April were 1,736 versus 1,687 in March. (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 the four largest Texas markets, including 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’s new home market and includes homes listed while under construction.
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 agent to exceed $1 billion in residential sales transactions in a single year, a feat first achieved in 2015 and repeated each year through 2018 when he achieved more than $2 billion. 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. An infographic illustrating Ben’s sales production is here. 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 firstname.lastname@example.org.
“REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.”
Individual Chart images:
Chart 1: Texas New Homes Tracking – Days on Market – April 2022: https://homesusa.com/wp-content/uploads/2022/05/Chart-1-Texas-Days-on-Market.jpg
Chart 2: Texas New Home Sales – April 2022: https://homesusa.com/wp-content/uploads/2022/05/Chart-2-Texas-New-Home-Sales.jpg
Chart 3: Texas New Home Sales Prices – April 2022: https://homesusa.com/wp-content/uploads/2022/05/Chart-3-Texas-New-Home-Sales-Prices.jpg
Chart 4: Texas Sales-to-List-Price Ratio – April 2022: https://homesusa.com/wp-content/uploads/2022/05/Chart-4-Texas-Sales-to-List-Price-Ratio.jpg
Chart 5: Texas Pending New Home Sales – April 2022: https://homesusa.com/wp-content/uploads/2022/05/Chart-5-Texas-Pending-New-Home-Sales.jpg
Chart 6: Texas Active Listings for New Homes – April 2022: https://homesusa.com/wp-content/uploads/2022/05/Chart-6-Texas-Active-Listings.jpg
Chart A: Texas 12-Month Moving Averages – New Homes – April 2022: https://homesusa.com/wp-content/uploads/2022/05/Chart-A-12MonthChart-DataOnly.jpg