HomesUSA.com reports sales pace quickens as prices set another record
Houston, TX – June 21, 2022 – Houston area new homes sales defied inventory challenges and rose for the fourth straight month in May. Last month, new homes sold faster and at a higher average price in the Houston area, according to the latest monthly report from HomesUSA.com.
The HomesUSA.com May 2022 new homes report for Texas that includes Houston, Dallas-Ft. Worth, Austin, and San Antonio features data from the Houston Association of REALTORS, North Texas Real Estate Information Systems, Austin Board of REALTORS, and San Antonio Board of REALTORS.
The 3-month moving average of Houston new home sales shows last month’s sales reported to Multiple Listing Services increased to 1,797 from 1,775 in April.
HomesUSA.com also reported good news for home shoppers. The 3-month moving average for May showed signs of available homes improving with new home MLS listings in Houston increasing to 7,373 versus 7,208 in April.
The HomesUSA.com New Home Sales Index reports the new home sales pace in Houston quickened last month as the 3-month moving average for Days on Market in May was 68.14 days versus 73.40 days in April.
New home prices in Houston increased last month – an ongoing trend. The 3-month moving average of new home sale prices in May was a record $416,787 versus $414,058 in April – up over $38,500 since May 2021, an increase of more than 10 percent, year-over-year.
Average new home prices also set record highs in Dallas-Ft. Worth ($486,172 in May versus $470,756 in April) and San Antonio ($381,444 versus $370,165). However, the average new home price was lower for the third straight month in Austin ($541,842 versus $556,764).
“Builders are clearly improving inventory, as Houston new home sales continue to defy conventional wisdom with persistent strength,” said Ben Caballero, CEO of HomesUSA.com, a three-time world record holder for most home sales and a top US new home sales expert.
“As builders’ costs keep increasing, demand is still exerting upward pressure on new home prices, setting records in three of Texas four largest new home markets last month, including Houston,” 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 data. Previously, new homes sold so fast that builders were selling from waiting lists and not listing as many homes in the MLS. However, beginning in Mid-March, Caballero began seeing a steady increase in the number of MLS listings.
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 May, set for Friday, June 24 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 declined statewide in May. Houston’s DOM was 68.14 days versus 73.40 days in April. In Austin, the DOM decreased to 27.60 days versus 29.37 days in April. In Dallas-Ft. Worth, the DOM increased to 50.60 days from 50.52 days in April. In San Antonio, the DOM increased slightly to 55.01 days versus 54.31 days in April. (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 all four of the major new home markets last month, according to the 3-month moving average. In Houston, May total sales were 1,797 versus 1,775 in April. Dallas-Ft. Worth new home sales also increased to 1,374 versus 1,321 in April. In Austin, May sales totaled 581 versus 497 in April. In San Antonio, new home sales increased to 548 from 495 in April. (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 last month. Houston's average new home price was also higher in May at $416,787 versus $414,058 in April. Dallas-Ft. Worth reported its 3-month moving average price for new homes was higher in May at $486,172 versus $470,756 in April. In San Antonio, the average new home price was higher in May at $381,444 versus $370,165 in April. Austin's 3-month moving average price was the exception, as it decreased in May to $541,842 from $556,764 in April. (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 and in two markets, exceeded it. Statewide, the 3-month moving average of the sales-to-list price ratio in May was 99.915 versus 99.765 percent in April. In Houston, the ratio was 99.147 versus 99.027 in April. Dallas-Ft. Worth’s ratio was 100.561 versus 100.472 percent in April. In Austin, the sales-to-price ratio in May was 100.922 versus 100.771 percent in April. San Antonio's ratio in May was 99.733 versus 99.532 percent in April. (See Chart 4: Texas Sales-to-List Price Ratio)
Texas Pending New Homes Sales Data
Based on local MLS data, pending new home sales dropped statewide and in two of the four Texas major new home markets last month. Statewide MLS data shows pending sales in May were 5,010 versus 5,287 in April. Houston’s pending sales in May were 2,083 versus 2,275 in April. In San Antonio, pending sales last month were 605 versus 795 in April. Pending new home sales last month in Dallas-Ft. Worth were 1,663 versus 1,566 in April. Austin's pending sales in May were 659 versus 652 in April. (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 increased in May to 12,432 versus 11,224 in April. Last month, all four major Texas new home markets posted higher active listings. Last month's active listings in Houston were 7,373 versus 7,208 in April. Dallas-Ft. Worth's active listings in May were 1,613 versus 933 in April. May’s active listings in Austin were higher at 1,567 versus 1,347 in April. San Antonio reported active new home listings in May were 1,879 versus 1,736 in April. (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 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 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.
