New report shows higher sales, longer Days on Market, and higher prices
Houston, TX – March 22, 2022 – Houston new homes sales remained strong last month – despite tight inventory – with higher home sales, an increase on the average Days on Market, and a $8,695 jump in the average new home price in February, according to the latest monthly report from HomesUSA.com.
The 3-month moving average of Houston new home sales shows February sales listed in the Multiple Listing Services increased to 1,565 versus 1,521 in January as inventory challenges continue. The 3-month moving average for February shows Houston’s active listings decreasing to 7,514 versus 7,680 in January.
HomesUSA.com also reports 3-month moving averages showing the sales pace of new home sales in Houston slowed last month. The average Days on Market for a new home last month in Houston was 74.08 days – up from 70.77 days in January, according to the HomesUSA.com New Home Sales Index.
As new home prices statewide rose, the 3-month moving average of Houston new home sale prices also showed an increase last month to $406,230 versus $397,535 in January.
The HomesUSA.com February 2022 new homes report for Texas that include Houston, Dallas-Ft. Worth, Austin, and San Antonio feature data from the Houston Association of REALTORS, North Texas Real Estate Information Systems, Austin Board of REALTORS, and San Antonio Board of REALTORS.
“The Houston new homes market continues to turn in strong numbers and remains robust,” said Ben Caballero, CEO of HomesUSA.com and a two-time world record holder for most home sales. “Local builders are building as fast as they can to meet steady demand,” Caballero added.
Caballero notes that builders are listing more new homes in the MLS (Multiple Listing Service), which remains the most reliable and timely source of all residential sales activity. New homes have been selling so fast that builders have not been listing all their inventory in the MLS, yet that continues to improve.
Caballero is sharing the HomesUSA.com New Homes Report in advance of the release by the Commerce Department of its nationwide New Residential Sales Report for February, set for Wednesday, March 23 at 10:00 am Eastern.
Caballero noted this monthly HomesUSA.com report includes both 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. 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 – New Homes in Texas (Exclusive Data)
The HomesUSA.com New Home Sales Index showed the 3-month moving average of Days on Market rose statewide and in three of the four Texas major new home markets in February. Houston’s DOM was 74.08 days versus 70.77 days in January. In Austin, the DOM was 28.29 days versus 25.34 days in January. In San Antonio, the DOM was 51.80 days versus 50.28 days in January. Dallas-Ft. Worth was the exception, as its DOM decreased to 52.04 days from 53.25 days in January. (See Chart 1: Texas New Homes Days on Market)
Texas New Home Sales Data
Based on all available local MLS data, total new home sales in Texas were higher statewide and in three of the four major new home markets last month, according to the 3-month moving average. In Houston, February total sales were 1,565 versus 1,521 in January. In Austin, February sales totaled 421 versus 415 in January. In San Antonio, new home sales increased to 433 from 428 in January. Dallas-Ft. Worth was the one market with slightly lower home sales, with February sales of 1,214 versus 1,220 in January. (See Chart 2: Texas New Home Sales)
Texas New Home Prices
The average price of new homes in Texas shows higher prices statewide and in three of the four major new home markets. Houston's average new home price was higher in February at $406,230 versus $397,535 in January. Dallas-Ft. Worth reported its 3-month moving average price for new homes was also higher in February at $447,641 versus $442,969 in January. Austin's 3-month moving average price – the highest among the top four markets, rose in February to $561,134 versus $559,162 in January. San Antonio was the exception, as the average new home price was lower in February at $365,178 versus $373,372 in January. (See Chart 3: Texas New Home Prices)
Texas Sales-to-List Price Ratio
New home sales statewide and in Houston, Dallas-Ft. Worth, Austin, and San Antonio still hover close to 100 percent of the asking price. Statewide, the 3-month moving average of the sales-to-list price ratio in February was 99.448 percent versus 99.326 percent in January. Dallas-Ft. Worth was 100.059 percent versus 99.868 percent in January. In Houston, the ratio was 98.814 percent versus 98.773 percent in January. In Austin, the sales-to-price ratio in February was 100.319 percent versus 99.959 percent in January. San Antonio's ratio last month was 99.253 percent versus 99.143 percent in January. (See Chart 4: Texas Sales-to-List Price Ratio)
Texas Pending New Homes Sales Data
Based on local MLS data, pending new home sales totals were higher statewide and in each of Texas's four major new home markets last month. Statewide MLS data shows pending sales in February were 5,451 versus 4,999 in January. Houston’s February pending sales last month were 2,159 versus 1,962 in January. Dallas-Ft. Worth pending sales in February were 1,688 versus 1,618 in January. Austin's pending sales in February were 658 versus 596 in January. In San Antonio, pending sales last month were 946 versus 822 in January. (See Chart 5: Texas Pending New Home Sales)
Texas Active Listings for New Homes
MLS data shows the 3-month moving average for active listings statewide declined in February to 12,750 versus 13,753 in January. Last month, all four major Texas new home markets posted lower active listings. Last month's active listings in Houston were 7,514 versus 7,680 in January. Dallas-Ft. Worth's active listings in February were 1,691 versus 2,157 in January. February’s active listings were slightly lower at 1,679 versus 1,917 in January in Austin. San Antonio reported active new home listings in February were 1,866 versus 1,998 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 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 Days on Market index to track Texas's new home market and includes homes listed while under construction.
About Ben Caballero and HomesUSA.com®
Ben Caballero, founder and CEO of HomesUSA.com, is the world record holder 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 Podcasts. An infographic illustrating Ben’s sales production is here. Learn more at HomesUSA.com |Twitter: @bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.
