HomesUSA.com report also reveals higher prices and Days on Market
Dallas-Ft. Worth’s new home sales were higher last month and year-over-year are 20% greater than December 2023, 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.
According to the 3-month moving average for Dallas-Ft. Worth, sales were 1,990 in December versus 1,872 in November. It was the first time since June 2023 that the monthly average new home sales was higher than 1,990.
"Dallas-Ft. Worth new home sales ended on a high note, driven by builders prioritizing year-end closings to meet production-based bonus goals," said Ben Caballero, founder and CEO of HomesUSA.com.
“And though prices were higher, builders demonstrated their resilience in meeting healthy market demand, making 2024 a solid year for Dallas-Ft. Worth new home sales performance despite interest rates,” Caballero added.
According to HomesUSA.com’s analysis of December new homes data, Dallas-Ft. Worth reported higher Days on Market in December, meaning it’s taking a bit longer for new homes to sell. The 3-month average of Days on the Market (DOM) was 120.68 days versus 116.36 in November.
Dallas-Ft. Worth’s 3-month moving average of new home sales prices ticked higher in December at $493,899 versus $481,505 in November, up by $12,000. “However, the average price is trending down, so last month’s price increase does not necessarily mean homes sold for more. Sales prices are sensitive to the home’s size and like all home price averages, it does not consider the square footage,” said Caballero.
Austin edged out Dallas-Ft Worth to recapture the title of the priciest new home average in December at $494,714, based on its 3-month moving average.
Dallas-Ft. Worth’s pending new home sales last month – a key future sales indicator – continued its downward trend, moving lower again in December at 2,107 versus 2,190 in November. December year-over-year pending new home sales in Dallas-Ft. Worth are still up almost 12% (December 2024 versus December 2023).
Dallas-Ft. Worth’s new home inventory was up slightly in December. The 3-month average of active new home listings was 8,238 versus 8,157 in November.
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 December 2024, set for Monday, January 27, 2025, 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 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 Slowed Down – New Homes in Texas (Exclusive Data)
The HomesUSA.com New Home Sales Index showed the December 3-month moving average of DOM slowed down in Texas’ four major new home markets. In Dallas-Ft. Worth, the DOM was 120.68 days versus 116.36 days in November. In Houston, the DOM was 89.87 days versus 88.68 days in November. In Austin, the DOM in December was 92.47 days versus 90.01 days in November. In San Antonio, the DOM was 82.63 days versus 81.85 days in November. 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 December 3-month moving average of new home sales in Dallas-Ft. Worth was 1,990 versus 1,872 in November. In Houston, total new home sales in December were higher at 2,184 versus 2,014 in November. In San Antonio, new home sales in December were also higher at 1,075 versus 1,065 in November. Austin was the anomaly, as new home sales last month were lower at 834 versus 841 in November. (See Chart 2: Texas New Home Sales)
Texas New Home Prices Rise
The average prices of new homes went up 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 December was higher at $493,899 versus $481,505 in November. In Houston, the average new home price in December was $401,678 versus $390,486 in November. In Austin, the 3-month moving average price in December was also higher at $494,714 versus $476,803 in November. San Antonio's average new home price in December was $344,343 versus $337,718 in November. (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 December was 97.35 versus 97.52 percent a year ago and 97.35 percent in November this year. Dallas-Ft. Worth’s ratio in December was 97.70 versus 97.61 percent last December and 97.74 percent in November this year. In Houston, the ratio in December was 96.39 versus 97.93 percent last December and 96.32 percent in November this year. In Austin, the sales-to-price ratio in December was 97.42 versus 97.35 percent last December and 97.57 percent in November this year. San Antonio's ratio in December was 98.61 versus 96.71 percent a year ago and 98.45 percent in November 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 December totaled 5,971 versus 6,316 in November. In Dallas-Ft. Worth, pending new home sales last month were lower at 2,107 versus 2,190 in November. In Houston, pending new home sales in December were also lower at 1,822 versus 1,909 in November. In Austin, pending new home sales in December decreased to 1,111 versus 1,192 in November. In San Antonio, pending new home sales also decreased last month to 931 versus 1,026 in November. (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 December. The December 3-month average active listings inventory in Texas’ four major new home markets was 32,395 new homes versus 32,584 in November. Dallas-Ft. Worth's active listings in December were 8,238 versus 8,157 in November. Active listings in Houston last month were 13,103 versus 13,267 in November. In Austin, active listings in December were 5,719 versus 5,906 in November. In San Antonio, active listings last month were 5,334 versus 5,254 in November. (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 //www.youtube.com/@HomesUSAcom">YouTube. Learn more at HomesUSA.com |Twitter: @bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.
