DALLAS, Dec. 23, 2024 (GLOBE NEWSWIRE) — Texas sold more new homes last month in its combined four largest markets and homes are selling faster in its two largest new home markets, Dallas and Houston, 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.
Texas’s November new home sales were higher in Houston, Dallas, and San Antonio but lower in Austin. According to the 3-month moving average Texas’ four largest markets, sales were 5,792 in November versus 5,725 in October.
“Year-over-year, new home sales are 12% higher from November 2023,” Caballero noted, adding, “Declining mortgage rates helped, and more mortgage rate improvements would go a long way to improve new home sales next year.”
“The increased number of November’s new home sales versus October bodes well for 2025 as the seasonal downturn has been mild,” said Ben Caballero, founder and CEO of HomesUSA.com.
According to HomesUSA.com’s analysis of November MLS data, Dallas-Ft. Worth, Houston, Austin, and San Antonio, new home sales were slightly faster in November as the overall 3-month average of Days on the Market (DOM) was 96.56 days versus 97.99 days in October.
Dallas experienced a significant decrease in Days on Market (116.36 in November versus 121.26 in October), and Houston had a lower DOM too (88.68 versus 89.16), indicating homes were selling faster in Texas’ two largest new home markets. A slight increase in DOM was observed in Austin and San Antonio (90.01 versus 88.80 and 81.85 versus 80.51, respectively).
The average price for a new home last month brought good news to home buyers: the 3-month average new home price in the combined top four markets dropped in November to $422,624 versus $428,101 in October.
Dallas-Ft. Worth still had the highest average new home price in the state last month, though it dropped to $481,505 from $486,085 in October. Austin was second at $476,803 versus $480,178. Houston was third at $390,486 versus $397,646, and San Antonio’s average new home price was $337,718 versus $339,296.
Pending new home sales last month – a key future sales indicator – were lower in the four major Texas markets – 6,316 versus 6,572 in October. November’s pending new home sales in all four markets were lower than October’s pending new home sales. However, year-over-year pending sales of new homes overall in these Texas markets are still up over 14.6%.
Texas’ new home inventory was relatively flat in November in all four major markets: Houston, Dallas-Fort Worth, Austin, and San Antonio. The combined 3-month average of active new home listings was 32,584 versus 32,780 in October.
HomesUSA.com is sharing its New Home Sales Report and New Home Sales Index at the same time the Commerce Department releases its nationwide New Residential Sales Report for November, set for Monday, December 23, 2024, at 10:00 am Eastern time. This is due to the holiday season.
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 DOM, 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 Slightly Faster – New Homes in Texas (Exclusive Data)
The HomesUSA.com New Home Sales Index showed the November 3-month moving average of DOM was slightly faster in two of Texas’ four major new home markets. In Dallas-Ft. Worth, the DOM was 116.36 days versus 121.26 days in October. In Houston, the DOM was 88.68 days versus 89.16 days in October. In Austin, the DOM in November was 90.01 days versus 88.80 days in October. In San Antonio, the DOM was 81.85 days versus 80.51 days in October. New homes have significantly higher DOM than existing homes because most new homes are listed while under construction. (See Chart 1: Texas New Homes Days on Market)
Texas New Home Sales Increase
Based on all local MLS data, the most reliable and current source of all home sales activity, total new home sales increased in three of the four largest new home markets in Texas last month. The November 3-month moving average of new home sales in Dallas-Ft. Worth was 1,872 versus 1,870 in October. In Houston, total new home sales in November were higher at 2,014 versus 1,951 in October. In San Antonio, new home sales in November were also higher at 1,065 versus 1,049 in October. Austin was the anomaly, as new home sales last month were lower at 841 versus 856 in October. (See Chart 2: Texas New Home Sales)
Texas New Home Prices Drop
The average prices of new homes dropped in the four major new home markets in Texas last month. In Dallas-Ft. Worth, the 3-month moving average price for new homes in November was lower at $481,505 versus $486,085 in October. In Houston, the average new home price in November was $390,486 versus $397,646 in October. In Austin, the 3-month moving average price in November was also lower at $476,803 versus $480,178 in October. San Antonio’s average new home price in November was $337,718 versus $339,296 in October. (See Chart 3: Texas New Home Prices)
Texas Sales-to-List Price Ratio Remains 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 November was 97.35 versus 97.68 percent a year ago and 97.37 percent in October this year. Dallas-Ft. Worth’s ratio in November was 97.74 versus 97.76 percent last November and 97.72 percent in October this year. In Houston, the ratio in November was 96.32 versus 98.08 percent last November and 96.37 percent in October this year. In Austin, the sales-to-price ratio in November was 97.57 versus 97.62 percent last November and 97.57 percent in October this year. San Antonio’s ratio in November was 98.45 versus 96.83 percent a year ago and 98.47 percent in October this year. (See Chart 4: Texas Sales-to-List Price Ratio)
Texas Pending New Homes Sales Decrease
Based on local MLS data, the 3-month average of pending new home sales decreased in the four largest Texas new home markets. The combined four-market average in November totaled 6,316 versus 6,572 in October. In Dallas-Ft. Worth, pending new home sales last month were lower at 2,190 versus 2,249 in October. In Houston, pending new home sales in November were also lower at 1,909 versus 1,976 in October. In Austin, pending new home sales in November decreased to 1,192 versus 1,271 in October. In San Antonio, pending new home sales also decreased last month to 1,026 versus 1,077 in October. (See Chart 5: Texas Pending New Home Sales)
Texas Active Listings for New Homes Flatten
Active new home listings flattened in the four of the largest Texas new home markets in November. The November 3-month average active listings inventory in Texas’ four major new home markets was 32,584 new homes versus 32,780 in October. Dallas-Ft. Worth’s active listings in November were 8,157 versus 8,110 in October. Active listings in Houston last month were 13,267 versus 13,354 in October. In Austin, active listings in November were 5,906 versus 6,036 in October. In San Antonio, active listings last month were 5,254 versus 5,280 in October. (See Chart 6: Texas Active Listings)
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 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 widely, including iTunes, Spotify and YouTube. Learn more at HomesUSA.com |Twitter: @bcaballero – @HomesUSA | Facebook: /HomesUSAdotcom.
Note for journalists: You may contact Ben Caballero directly by email at [email protected].
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 – November 2024: https://homesusa.com/wp-content/uploads/2024/12/Chart-1-Texas-New-Homes-Tracking-Days-on-Market.jpg
Chart 2: Texas New Home Sales Market – November 2024: https://homesusa.com/wp-content/uploads/2024/12/Chart-2-Texas-New-Home-Sales-Market.jpg
Chart 3: Texas New Home Sales Prices Market – November 2024: https://homesusa.com/wp-content/uploads/2024/12/Chart-3-Texas-New-Home-Sales-Prices-Market.jpg
Chart 4: Texas Sales-to-List-Price Ratio Market – November 2024: https://homesusa.com/wp-content/uploads/2024/12/Chart-4-Texas-Sales-to-List-Price-Ratio-Market.jpg
Chart 5: Texas Pending New Home Sales Market – November 2024: https://homesusa.com/wp-content/uploads/2024/12/Chart-5-Texas-Pending-New-Home-Sales-Market.jpg
Chart 6: Texas Active Listings for New Home Market – November 2024: https://homesusa.com/wp-content/uploads/2024/12/Chart-6-Texas-Active-Listings-for-New-Homes-Market.jpg
Chart A: Texas 12-Month Moving Averages Market – November 2024: https://homesusa.com/wp-content/uploads/2024/12/Chart-A-12MonthChart-DataOnly.jpg