HomesUSA.com reports active listings continue to climb as Austin sees sales, price drop
Austin, TX – December 21, 2022 – Austin home builders saw mixed sales results last month as new homes remain on the market longer and inventory continues to build, according to a new HomesUSA.com New Home Sales Report released today by Ben Caballero, the nation’s top-ranked real estate agent and HomesUSA.com CEO.
Caballero notes that the 3-month moving average of Austin’s new home sales dropped marginally in November to 740 from 752 in October.
The HomesUSA.com New Home Sales Report uses Multiple Listing Services data from the Realtor Associations of Austin, North Texas, Houston, and San Antonio.
Austin builders face mounting sales pressure as inventory climbs, with the 3-month moving average of active listings rising in November for the seventh straight month. The Austin Board of Realtors MLS shows the 3-month average of active listings for new homes in November climbing to 4,348 from 4,089 in October.
The report also shows new homes in Austin are taking longer to sell. The HomesUSA.com New Home Sales Index reveals new home sales in the area slowed as the local 3-month moving average for Days on Market in November took its biggest jump this year, increasing to 40.27 days versus 32.42 days in October.
“Looking at the numbers, one might ask, ‘Is the reason for slowing sales due to the season?’”, said Caballero. “We know new home sales are seasonal and the Austin new home market is returning to normal. But the trends we see overall tells us the local slowing in new home sales appear to be more than just a seasonal blip,” Caballero added.
"The good news is Austin 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 3-month moving averages of new home sales prices statewide dropped last month to $461,511 from $463,482 in October, and in Austin, the average new home price dropped to $523,723 in November versus $531,347 in October.
Caballero noted statewide pending new home sales reported to the local MLSs dropped last month. The 3-month moving average of November pending new home sales in Austin was 626 versus 654 in October.
HomesUSA.com is sharing its New Home Sales Report and New Home Sales Index in advance of the Commerce Department’s release of its nationwide New Residential Sales Report for November, set for Friday, December 23 at 10:00 am Eastern.
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. 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 – New Homes in Texas (Exclusive Data)
The HomesUSA.com New Home Sales Index showed the 3-month moving average of Days on Market continues to increase statewide and in all four major new home markets in November. In Austin, the DOM increased to 40.27 days versus 32.42 days in October. In Dallas-Ft. Worth, the DOM increased to 68.59 days from 57.72 days in October. Houston’s DOM was 68.43 days versus 63.88 days in October. In San Antonio, the DOM was 65.43 days versus 61.17 days in October. (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 marginally higher statewide and in two of the four major new home markets last month, according to the 3-month moving average. In Austin, new home sales decreased in November to 740 versus 752 in October. Dallas-Ft. Worth new home sales increased to 1,241 versus 1,209 in October. In Houston, November’s total sales were 1,548 versus 1,520 in October. In San Antonio, new home sales were flat in November at 575 versus 574 in October. (See Chart 2: Texas New Home Sales)
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. Austin's 3-month moving average price decreased in November to $523,723 from $531,347 in October. In Houston, the average new home price was lower in November at $427,038 versus $429,205 in October. In San Antonio, the average new home price also decreased in November at $388,183 versus $390,159 in October. Dallas-Ft. Worth was the anomaly, as its 3-month moving average price for new homes was higher in November at $502,466 versus $500,437 in October. (See Chart 3: Texas New Home Prices)
Texas Sales-to-List Price Ratio
New home sales statewide and in Austin, Dallas-Ft. Worth, Houston, and San Antonio are moving away from 100 percent of the asking price. Statewide, the 3-month moving average of the sales-to-list price ratio in November was 98.17 versus 98.73 percent in October. In Austin, the sales-to-price ratio in November was 98.02 versus 99.21 percent in October. Dallas-Ft. Worth’s ratio was 98.52 versus 99.02 percent in October. In Houston, the ratio was 97.80 versus 98.14 percent in October. San Antonio's ratio in November was 98.48 versus 98.99 percent in October. (See Chart 4: Texas Sales-to-List Price Ratio)
Texas Pending New Homes Sales Data
Based on local MLS data, pending new home sales decreased statewide and in three of the four Texas major new home markets last month. Statewide MLS data shows pending sales in November were 4,461 versus 4,591 in October. In Austin, pending sales in November were 626 versus 654 in October. Pending new home sales last month in Dallas-Ft. Worth were 1,700 versus 1,769 in October. In Houston, pending sales in November were 1,538 versus 1,581 in October. San Antonio was the exception, as pending sales increased last month to 597 versus 587 in October. (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 November to 27,146 versus 25,887 in October. Last month, all four major Texas new home markets posted higher active listings. November’s active listings in Austin were higher at 4,348 versus 4,089 in October. Dallas-Ft. Worth's active listings in November were 7,253 versus 6,770 in October. Last month's active listings in Houston were 11,363 versus 11,115 in October. San Antonio reported active new home listings in November were 4,182 versus 3,913 in October. (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 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. Learn more at HomesUSA.com |Twitter: @bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.
Photo by Tim Bounds made available through a Creative Commons license.
