DALLAS, April 21, 2020 (GLOBE NEWSWIRE) -- Texas annual new home sales were slightly higher statewide in March and the average number of Days on Market were lower statewide, not yet reflecting a highly anticipated slowdown in the market, according to a new homes sales report from HomesUSA.com.
Average monthly new home sales were marginally higher in Houston and San Antonio, flat in Austin and lower in Dallas-Ft. Worth. In March, Texas reported a 12-month moving average of 4,036 new home sales statewide, up from 4,015 sales in February.
According to the HomeUSA.com New Home Sales Index, the Days on Market (DOM) average was 105.37 days in March versus 106.30 days in February. Homes sold faster in every major new home market.
The HomesUSA.com report is based on refined 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 an overall slowdown in Texas new home sales did not materialize in March, the builders I have been speaking with are telling me this month they are seeing cancellations, due to lenders deploying more stringent underwriting criteria as well as job uncertainty,” said Ben Caballero, owner of HomesUSA.com and a current Guinness World Record title holder. “All eyes will be on April as the entire real estate industry adjusts to this unprecedented event,” he added.
The good news: for those in the market to buy a home, this is a good time as the average sales price of a new home was lower statewide in March. The 12-month moving average sales price of a new home was $355,752 in March, an increase from $356,303 in February.
New home sales prices were lower in three of the four biggest Texas new home markets – Houston, Dallas-Fort Worth, and San Antonio. Only Austin saw a slightly higher average new home sales price in March.
Caballero is sharing his new homes report in advance of the release by the Commerce Department of its national New Residential Home Sales report for March set for Thursday, April 23, at 10:00 am Eastern.
Days on Market – New Homes in Texas (Exclusive Data)
The new home sales pace increased in all four of the state’s top home markets as each reported fewer Days on Market. The DOM for Houston was 117.45 days in March versus 117.86 days in February. In Dallas-Ft. Worth, the DOM in March was 98.76 days versus 100.22 days in February. Austin reported its DOM in March was 102.44 days versus 103.20 days in February. In San Antonio, the DOM in March was 95.91 days versus 97.47 days in February. (See Chart 1: Texas New Homes Days on Market)
Texas New Home Sales Data
Despite an expected slowdown this month, total new home sales were slightly higher in two of the state’s top four new home markets. In Houston, the state’s biggest new home sales market, total new home sales in March were 1,365 versus 1,341 in February. Austin total new home sales in March were 688, the same as in February. In San Antonio, total new home sales in March were 546 versus 540 in February. In Dallas-Ft. Worth, total new home sales in March were 1,437 versus 1,446 in February. (See Chart 2: Texas New Home Sales)
Texas New Home Prices
In Houston, the average new home price was $348,437 in March versus $348,933 in February. Dallas-Ft. Worth reported its average new home price was $374,198 in March versus $374,788 in February. Austin’s average new home was $377,627 in March versus $377,107 in February. In San Antonio, the average new home price was $297,870 in March versus $298,763 in February. (See Chart 3: Texas New Home Prices)
Texas Sales-to-List Price Ratio
New homes sold in March for a marginally greater percentage of their listing price. According to a 12-month moving average of the sales-to-list price ratio, new homes sold for 98.01 percent of their asking price in March versus 97.97 percent in February.
The sales-to-list price ratio for Houston in March was 97.60 percent versus 97.54 percent in February. Dallas-Ft. Worth sales-to-list price ratio in March was 97.87 percent versus 97.84 percent in February. The sales-to-list price for Austin in March was 98.74 percent versus 98.71 percent in February. In San Antonio, the sales-to-list price in March was 98.48 percent versus 98.43 percent in February. (See Chart 4: Texas Sales-to-List Price Ratio)
About the HomesUSA.com New Home Sales Index
The 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 state’s four largest 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
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Individual Chart images:
Chart 1: Texas New Homes Tracking - Days on Market – Mar 2020:
https://homesusa.com/wp-content/uploads/2020/04/Chart-1-Texas-Days-on-Market.jpg
Chart 2: Texas New Home Sales – Mar 2020:
https://homesusa.com/wp-content/uploads/2020/04/Chart-2-Texas-New-Home-Sales.jpg
Chart 3: Texas New Home Sales Prices – Mar 2020:
https://homesusa.com/wp-content/uploads/2020/04/Chart-3-Texas-New-Home-Prices.jpg
Chart 4: Texas Sales-to-List-Price Ratio – Mar 2020:
https://homesusa.com/wp-content/uploads/2020/04/Chart-4-Texas-Sales-to-List-Price-Ratio.jpg
Chart 5: Texas 3-Month Rolling Averages – New Homes – Mar 2020:
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