DALLAS, June 17, 2020 (GLOBE NEWSWIRE) -- Total new home sales for last month tightened in Texas, reflecting a small dip in the market, according to a new homes sales report from HomesUSA.com. For the second straight month, builders also reported lower average prices statewide and fewer Days on Market for new homes sold in May.
The HomesUSA.com report is based on data 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.
“While new home sales were a bit lower overall throughout Texas last month, we may be seeing that the impact of the pandemic is subsiding as more buyers are returning to the market as Texas opens up,” said Ben Caballero, owner of HomesUSA.com and a current Guinness World Record title holder.
“New homes are selling faster as their average Days on Market continued the decline. In Houston, Dallas-Ft. Worth, and San Antonio, and buyers are benefiting from lower prices,” he added, noting that the 12-month rolling average for new home prices dropped statewide by more than $1,000, and the 3-month moving average dropped almost $5,000 statewide. “Lower prices are not due to a lack of demand, but more likely to builders responding to increasing consumer demand for smaller homes,” said Caballero.
The HomesUSA.com New Home Sales Index shows the Days on Market (DOM) average in Texas was 103.22 days in May versus 104.23 days in April. For the fifth month in a row, the New Home Sales Index showed homes sold faster in every major new home market in Texas.
New home sales prices in May were lower in three of the four biggest new home markets in Texas – Houston, Dallas-Fort Worth, and San Antonio. For the third consecutive month, only Austin saw a slight increase in the average new home sales price.
According to the 12-month moving average May new home sales in Texas were slightly down averaging 3,958 versus 4,009 in April. Houston posted May sales totaling 1,342 versus 1,350 in April. In Dallas, May sales totaled 1,412 versus 1,428 in April, while Austin May sales totaled 664 versus 684 in April. San Antonio May sales totaled 540 versus 547 in April.
Caballero is sharing this Texas new homes report in advance of the release by the Commerce Department of its national New Residential Home Sales report for May set for Tuesday, June 23, at 10:00 am Eastern.
Days on Market – New Homes in Texas (Exclusive Data)
The new home sales pace continued to improve as homes were on the market fewer days in all four of the state's top home markets, according to the HomesUSA.com New Home Sales Index. The DOM for Houston was 114.65 days in May versus 116.05 days in April. In Dallas-Ft. Worth, the DOM in May was 97.61 days versus 98.22 days in April. Austin's DOM in May was 98.65 days versus 100.37 days in April. In San Antonio, the DOM in May was 94.76 days versus 95.19 days in April. (See Chart 1: Texas New Homes Days on Market)
Texas New Home Sales Data
Sales of new homes were slightly lower in all four major markets. In Houston, the state's biggest new home sales market, total new home sales in May were 1,342 versus 1,350 in April. Dallas-Ft. Worth's total new home sales in May were 1,412 versus 1,428 in April. Austin's total new home sales in May were 664 versus 684 in April. In San Antonio, total new home sales in May were 540 versus 547 in April. (See Chart 2: Texas New Home Sales)
Texas New Home Prices
Except for Austin, sales prices in all the markets monitored continued their gradual decline. In Houston, the average new home price was $346,827 in May versus $347,969 in April. Dallas-Ft. Worth reported its average price was $371,025 in May versus $372,898 in April. In San Antonio, the average price was $297,110 in May versus $297,456 in April. Austin's average price was $378,610 in May versus $377,736 in April. (See Chart 3: Texas New Home Prices)
Texas Sales-to-List Price Ratio
Sales prices as a percent of their list prices were relatively flat in May. The 12-month moving average of the May sales-to-list price ratio for new homes in Texas was 98.05 percent of the asking price versus 98.03 percent in April. In Houston, it was 97.65 percent versus 97.63 percent in April. In Dallas-Ft. Worth, it was 97.92 percent versus 97.90 percent in April. The May ratio in Austin was 98.75 percent, the same as in April, and San Antonio's May ratio was 98.52 percent versus 98.50 percent in April. (See Chart 4: Texas Sales-to-List Price Ratio)
About the HomesUSA.com New Home Sales Index
The HomesUSA.com Index is a 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 index to track the sale pace of new home sales specifically.
About Ben Caballero and HomesUSA.com®
Ben Caballero, founder and CEO of HomesUSA.com, holds the current Guinness World Record title for “Most annual home sale transactions through MLS by an individual sell side real estate agent.” 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 Play. 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 ben@homesusa.com.
Media Contact:
Kevin Hawkins
(206) 866-1220
kevin@wavgroup.com
Image: Ben Caballero
https://www.homesusa.com/wp-content/uploads/2016/06/L-38017_bcaballero_photo.jpg
Individual Chart images:
Chart 1: Texas New Homes Tracking - Days on Market – May 2020:
https://homesusa.com/wp-content/uploads/2020/06/Chart-1-Texas-Days-on-Market-2.jpg
Chart 2: Texas New Home Sales – May 2020:
https://homesusa.com/wp-content/uploads/2020/06/Chart-2-Texas-New-Home-Sales-2.jpg
Chart 3: Texas New Home Sales Prices – May 2020:
https://homesusa.com/wp-content/uploads/2020/06/Chart-3-Texas-New-Home-Prices-2.jpg
Chart 4: Texas Sales-to-List-Price Ratio – May 2020:
https://homesusa.com/wp-content/uploads/2020/06/Chart-4-Texas-Sales-to-List-Price-Ratio.jpg
Chart 5: Texas 3-Month Rolling Averages – New Homes – May 2020:
https://homesusa.com/wp-content/uploads/2020/06/Chart-5-Texas-3month-May.jpg