DALLAS — This story originally appeared in the Dallas Business Journal, a WFAA news partner.
Dallas-Fort Worth homebuilders saw mixed sales results last month as new homes remained on the market longer and inventory continued to build.
But the total number of new home sales in DFW rose, and prices nudged up, according to a new report by Dallas-based HomesUSA.com.
Dallas-Fort Worth builders face mounting sales pressure as inventory climbs, with the three-month moving average for active listings rising in November for the fifth straight month. The three-month average in November climbed to 7,253 active listings from 6,770 in October, according to the HomesUSA.com New Home Sales Report released today (Tuesday).
The three-month moving average of Dallas-Fort Worth’s new home sales increased slightly in November to 1,241 from 1,209 in October. New home sales were up slightly in November in the Dallas-Fort Worth and Houston metro areas, down in Austin and flat in San Antonio.
The report also shows new homes in DFW are taking longer to sell. The local three-month moving average for days on market in November took its biggest jump this year, increasing to 68.6 days versus 57.7 days in October, said Ben Caballero, CEO of HomesUSA.com.
“Looking at the numbers, one might ask, ‘Is the reason for slowing sales due to the season?’” Caballero said. “We know new home sales are seasonal, and the new home market is returning to normal. But the trends we see overall tell us the slowing in new home sales appear to be more than just a seasonal blip.”
"The good news is Dallas area home buyers will continue to benefit from market normalization," Caballero added. "Overall, Texas remains perhaps the most resilient new home market in the nation and continues to show strength, despite the wild swings in mortgage interest rates."
The DFW three-month moving average new home sales price rose to $502,466 in November vs. $500,437 in October.
Statewide, the three-month moving averages of new home sales prices dropped last month to $461,511 from $463,482 in October.
The New Home Sales Report uses Multiple Listing Services data from the Realtor associations of North Texas, Houston, Austin and San Antonio.
Statewide pending new home sales reported to the local MLSs dropped last month. The three-month moving average of November pending new home sales in Dallas-Fort Worth was 1,700 vs. 1,769 in October.
The HomesUSA.com monthly report is based on closed sales recorded inside the MLSs by the 10th day of the following month. Sales reported late by agents are not included.
BREAKING IT DOWN
Texas New Home Prices
The average price of new homes in Texas shows lower prices statewide and in three of the four major new home markets last month.
- DFW — $502,466 in November vs. $500,437 in October
- Houston — $427,038 in November vs. $429,205 in October
- Austin — $523,723 in November vs. $531,347
- San Antonio — $388,183 vs. $390,159 in October.
Texas New Home Sales
- DFW — New home sales increased to 1,241 in November vs. 1,209 in October
- Houston — 1,548 in November vs. 1,520 in October
- San Antonio — Flat in November at 575 vs. 574 in October
- Austin — Decreased in November to 740 vs. 752 in October.
Days on Market
- DFW — Increased to 68.6 days in November from 57.7 days in October
- Houston — 68.4 days in November vs. 63.9 days in October
- San Antonio — 65.4 days vs. 61.2 days in October
- Austin — 40.3 days in November vs. 32.4 days in October.
Pending New Homes Sales
Statewide MLS data shows pending sales in November were 4,461 vs. 4,591 in October.
- DFW — 1,700 in November vs. 1,769 in October
- Houston — 1,538 in November vs. 1,581
- Austin — 626 vs. 654 in October
- San Antonio — 597 in November vs. 587 in October.
