Texas new home sales up over 9% last month as buying season finally begins

HomesUSA.com reports new home prices tick higher in April

Texas new home sales were up 9% last month, 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.

April new home sales in Dallas-Ft. Worth, Houston, Austin, and San Antonio combined were up 9.4%, with a 3-month average of 5,899 sales versus 5,393 sales in March. Each individual market also posted higher new home sales.

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 new home sales average for Dallas-Ft. Worth was 1,892 versus March at 1,717. Houston’s sales were 2,036 versus 1,848 in March. Austin posted new home sales of 917 for April versus 850 in March, and San Antonio’s April average sales were 1,054 versus 978 in March. Significantly, it was the first time San Antonio’s new home sales monthly average topped 1,000 since HomesUSA.com started its monthly reporting in 2017.

Despite the uptick in new home sales, Ben Caballero, America's No. 1-ranked real estate agent and CEO and founder of HomesUSA.com, remains cautious about this sales season.

"While new home sales ticked higher in April, May numbers will tell us if seasonality arrived late – or if April’s numbers were a fake out. Higher mortgage rates are not helping,” said Ben Caballero, America's No. 1-ranked real estate agent and CEO and founder of HomesUSA.com. “New home sales performance last month is a result of the enduring strength of our Texas economy and our state’s ability to attract new employers,” he added.

According to the HomesUSA.com New Home Sales Index’s 3-month average, Days on Market continue to remain steady, indicating builders’ effort to balance supply with demand. The four leading Texas new home sales markets – Dallas-Ft. Worth, Houston, Austin and San Antonio – reported a slightly higher 3-month average for the DOM in April of 112.25 days versus 110.26 days in March.

Texas spring home buyers faced higher average prices in April. The 3-month new home price average for the four largest new home markets combined was $436,083 in April versus $428,682 in March as average new home prices rose in each market Home prices were higher in Dallas-Ft. Worth ($475,516 versus $473,399), Houston ($405,602 versus $397,315), San Antonio ($348,830 versus $338,211) and Austin ($522,799 versus $509,847). Austin home prices have been rising since January.

The average 3-month pending sales rose marginally in the four largest Texas new home markets totaling 7,083 versus 6,943 in March. “This is disappointing as pending sales are indicator of future closings,” noted Caballero.

While active new home listings are up over 28% since September 2023, the April 3-month average active listings inventory in Texas’ four major new home markets was flat: 29,495 versus 29,421 in March.

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 April, set for Thursday, May 23, 2024, at 10:00 am Eastern time.

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 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 April increased in three of the four major new home markets in Texas. In Dallas-Ft. Worth, the DOM increased to 142.24 days versus 138.65 days in March. Houston’s DOM was 97.98 days versus 97.89 days in March. In San Antonio, the DOM was 95.90 days versus 90.11 days in March. Austin was the exception, as the DOM decreased to 101.31 days versus 103.17 days in March. 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 HigherBased on all local MLS data, the most reliable and current source of all home sales activity, total new home sales were higher in all four of Texas' largest new home markets last month. The April 3-month moving average of new home sales in Dallas-Ft. Worth was 1,892 versus 1,717 in March. In Houston, April’s total sales were higher at 2,036 versus 1,848 in March. Austin's new home sales last month were also higher at 917 versus 850 in March. In San Antonio, new home sales in April were 1,054 versus 978 in March. (See Chart 2: Texas New Home Sales)

Texas New Home Prices Steadily IncreaseThe average prices of new homes increased overall in Texas last month. In Dallas-Ft. Worth, the 3-month moving average price for new homes in April was $475,516 versus $473,399 in March. In Houston, the average new home price in April was $405,602 versus $397,315 in March. In Austin, the 3-month moving average price increased in April to $522,799 versus $509,847 in March. San Antonio's average new home price was also higher in April at $348,830 versus $338,211 in March. (See Chart 3: Texas New Home Prices)

Texas Sales-to-List Price Ratio Remain StableCumulative 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 April was 97.35 versus 97.48 percent a year ago and 97.22 percent in March this year. Dallas-Ft. Worth’s ratio in April was 97.72 versus 97.73 percent last April and 97.54 percent in March this year. In Houston, the ratio in April was 96.62 versus 97.41 percent last April and 96.89 percent in March this year. In Austin, the sales-to-price ratio in April was 97.77 versus 96.95 percent last April and 97.33 percent in March this year. San Antonio's ratio in April was 97.75 versus 97.55 percent a year ago and 97.20 in March this year. (See Chart 4: Texas Sales-to-List Price Ratio)

Texas Pending New Homes Sales Continue To ImproveBased on local MLS data, pending new home sales continued to improve last month, as the average 3-month pending sales were higher in three of the four largest Texas new home markets. The combined four-market average in April totaled 7,083 versus 6,943 in March. In Dallas-Ft. Worth, pending new home sales last month were 2,497 versus 2,484 in March. In Houston, pending new home sales in April increased to 2,176 versus 2,064 in March. In Austin, pending new home sales in April were higher at 1,399 versus 1,340 in March. San Antonio was the anomaly, as pending sales were lower last month at 1,012 versus 1,054 in March. (See Chart 5: Texas Pending New Home Sales)

Texas Active Listings for New Homes ReboundAs existing home listing inventory has gone up 28 percent since last September, active new home listings rose in three of the four largest Texas new home markets in April. The April 3-month average active listings inventory in Texas’ four major new home markets was 29,495 new homes versus 29,421 in March. Dallas-Ft. Worth's active listings in April increased to 6,650 versus 6,551 in March. Active listings in Houston last month also increased to 12,247 versus 12,225 in March. In Austin, active listings in April were also higher at 5,701 versus 5,661 in March. San Antonio was the exception, as active listings last month decreased to 4,896 versus 4,984 in March. (See Chart 6: Texas Active Listings)

About the HomesUSA.com New Home Sales IndexThe 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. (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 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.

Note for journalists: You may contact Ben Caballero directly by email at ben@homesusa.com.

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) 866-1220kevin@wavgroup.com

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 – April 2024: https://www.homesusa.com/wp-content/uploads/2024/05/Chart-1-Texas-New-Homes-Tracking-Days-on-Market-1.jpg

Chart 2: Texas New Home Sales Market – April 2024: https://homesusa.com/wp-content/uploads/2024/05/Chart-2-Texas-New-Home-Sales-Market.jpg

Chart 3: Texas New Home Sales Prices Market – April 2024: https://homesusa.com/wp-content/uploads/2024/05/Chart-3-Texas-New-Home-Sales-Prices-Market.jpg

Chart 4: Texas Sales-to-List-Price Ratio Market – April 2024: https://homesusa.com/wp-content/uploads/2024/05/Chart-4-Texas-Sales-to-List-Price-Ratio-Market.jpg

Chart 5: Texas Pending New Home Sales Market – April 2024: https://homesusa.com/wp-content/uploads/2024/05/Chart-5-Texas-Pending-New-Home-Sales-Market.jpg

Chart 6: Texas Active Listings for New Home Market – April 2024: https://homesusa.com/wp-content/uploads/2024/05/Chart-6-Texas-Active-Listings-for-New-Homes-Market.jpg

Chart A: Texas 12-Month Moving Averages Market – April 2024: https://homesusa.com/wp-content/uploads/2024/05/Chart-A-12MonthChart-DataOnly.jpg