Texas new home sales tick higher as spring buying season nears

DALLAS, March 20, 2024 (GLOBE NEWSWIRE) -- Texas new home sales were slightly higher last month, according to the 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.

The 3-month average of new home sales in Dallas-Ft. Worth, Houston, Austin and San Antonio last month combined totaled 5,180 sales versus 5,119 in January.

New home sales ticked higher last month in three of Texas's four largest markets. In Dallas-Ft. Worth, February sales were 1,657 versus 1,588 in January. San Antonio's new home sales in February were 880 versus 876 in January. Austin posted new home sales in February totaling 816 versus 804 in January. Houston was the new home sales anomaly as February's new homes were 1,827 versus 1,850 in January.

“Spring is around the corner, and because of our strong local economies and continued job growth, new home sales should continue to tick up over the next few months,” said Caballero.

"February new home sales are signaling that the spring home buying season is coming,” added Caballero. “Texas is the best new homes market in the country, and if interest rates continue to improve – or at least remain steady – our continued economic strength should help drive higher sales this spring,” he added.

According to the HomesUSA.com New Home Sales Index’s 3-month average, Days on Market have normalized in recent months, indicating a supply-demand balance. Last month, all four major new home markets in Texas – Dallas-Ft. Worth, Houston, Austin, and San Antonio – averaged a few more days on the market. These four major markets reported a higher 3-month average for Days on Market in February at 106.35 days versus 102.05 days in January.

The big news for home buyers is that prices remained flat in February. The average 3-month new home price average among Texas' four largest new home markets was $430,533 versus $431,998. Average new home prices were lower in Dallas-Ft. Worth ($472,877 versus $481,094) and San Antonio ($342,506 versus $347,854), and slightly lower in Houston ($402,706 versus $403,782). Austin was the exception: the 3-month average new home price was $502,264 versus $492,633.

Pending sales continued to rebound in February, as the average 3-month pending sales were higher in each of the four largest Texas new home markets. The combined four-market average in February totaled 6,360 versus 5,834 in January.

Contrary to existing home listing inventory, which is up 21 percent since last September, active new home listings remained flat again in February. This is a repeat of January as the pace of new inventory slows. The February 3-month average active listings inventory in Texas’ four major new home markets was 29,272 versus 29,480 in January.

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 February, set for Monday, March 25, 2024, at 10:00 am Eastern time.

The HomesUSA.com monthly report covers closed sales recorded in MLSs by the 10^th day of the following month. Sales reported by agents after the 10^th 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 Trends Higher – 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 February increased in all four major new home markets in Texas. In Dallas-Ft. Worth, the DOM increased to 127.80 days versus 125 days in January. Houston’s DOM was 96.11 days versus 91.38 days in January. In Austin, the DOM increased to 107.84 days versus 101.02 days in January. In San Antonio, the DOM was 86.61 days versus 85.18 days in January. 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 Higher
Based on all local MLS data, the most reliable and current source of all home sales activity, total new home sales were higher in three of Texas's four largest new home markets last month. The February 3-month moving average of new home sales in Dallas-Ft. Worth was 1,657 versus 1,588 in January. Austin's new home sales last month were slightly higher at 816 versus 804 in January. In San Antonio, new home sales in February were 880 versus 876 in January. Houston was the exception, as February’s total sales were slightly lower at 1,827 versus 1,850 in January. (See Chart 2: Texas New Home Sales)

Texas New Home Prices Flatten
The average prices of new homes flattened overall in Texas last month. In Dallas-Ft. Worth, the 3-month moving average price for new homes in January was $472,877 versus $481,094 in January. In Houston, the average new home price in February was $402,706 versus $403,782 in January. San Antonio's average new home price was lower in February at $342,506 versus $347,854 in January. Austin was the anomaly, as it’s 3-month moving average price increased in February to $502,264 versus $492,633 in January. (See Chart 3: Texas New Home Prices)

Texas Sales-to-List Price Ratio Remain Stable
Cumulative 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 February was 97.25 versus 98.86 percent a year ago and 97.40 percent in January this year. Dallas-Ft. Worth’s ratio in February was 97.48 versus 99.44 percent last February and 97.54 percent in January this year. In Houston, the ratio in February was 97.24 versus 98.30 percent last February and 97.86 percent in January this year. In Austin, the sales-to-price ratio in February was 97.14 versus 99.33 percent last February and 97.07 percent in January this year. San Antonio's ratio in February was 96.94 versus 98.79 percent a year ago and 96.54 in January this year. (See Chart 4: Texas Sales-to-List Price Ratio)

Texas Pending New Homes Sales Rebound
Based on local MLS data, pending new home sales continued to improve last month, as the average 3-month pending sales were higher in each of the four largest Texas new home markets. The combined four-market average in February totaled 6,360 versus 5,834 in January. In Dallas-Ft. Worth, pending new home sales last month were 2,290 versus 2,068 in January. In Houston, pending new home sales in February increased to 1,854 versus 1,753 in January. In Austin, pending new home sales in February were higher at 1,230 versus 1,110 in January. San Antonio also saw higher pending sales last month at 986 versus 904 in January. (See Chart 5: Texas Pending New Home Sales)

Texas Active Listings for New Homes Remain Flat
Unlike existing home listing inventory, which is up 21 percent since last September, active new home listings remained flat again in February. The February 3-month average active listings inventory in Texas’ four major new home markets was 29,272 new homes versus 29,480 in January. Local markets were mixed. Dallas-Ft. Worth's active listings in February were 6,565 versus 6,774 in January. Active listings in Houston last month were 12,090 versus 12,016 in January. In Austin, active listings in February were 5,590 versus 5,561 in January. In San Antonio, active listings last month were 5,027 versus 5,129 in January. (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 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.

*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 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 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 and Google Podcasts. Learn more at HomesUSA.com |Twitter: @bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.

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) 866-1220
[email protected]

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 – February 2024: https://homesusa.com/wp-content/uploads/2024/03/Chart-1-Texas-New-Homes-Tracking-Days-on-Market.jpg

Chart 2: Texas New Home Sales Market – February 2024: https://homesusa.com/wp-content/uploads/2024/03/Chart-2-Texas-New-Home-Sales-Market.jpg

Chart 3: Texas New Home Sales Prices Market – February 2024: https://homesusa.com/wp-content/uploads/2024/03/Chart-3-Texas-New-Home-Sales-Prices-Market.jpg

Chart 4: Texas Sales-to-List-Price Ratio Market – February 2024: https://homesusa.com/wp-content/uploads/2024/03/Chart-4-Texas-Sales-to-List-Price-Ratio-Market.jpg

Chart 5: Texas Pending New Home Sales Market – February 2024: https://homesusa.com/wp-content/uploads/2024/03/Chart-5-Texas-Pending-New-Home-Sales-Market.jpg

Chart 6: Texas Active Listings for New Home Market – February 2024: https://homesusa.com/wp-content/uploads/2024/03/Chart-6-Texas-Active-Listings-for-New-Homes-Market.jpg

Chart A: Texas 12-Month Moving Averages Market – February 2024: https://homesusa.com/wp-content/uploads/2024/03/Chart-A-12MonthChart-DataOnly.jpg