In Dallas-Fort Worth, average home sales over the last three months remained mostly unchanged, according to a report by HomesUSA.com.
“Average home sales overall were stable last month in Texas’ four largest new home markets with Houston and San Antonio posting higher 3-month averages for new sales, while sales were flat to lower in Austin and Dallas-Ft. Worth,” according to a news release. “The 3-month moving average of new home MLS sales in Texas’ four largest markets for last month was 5,172 versus 5,125 in October.”
The company reported that in Dallas-Fort Worth, the three-month moving average price for new homes fell in November to $486,273 in November. That number was $491,367 the previous month.
The HomesUSA.com New Home Sales Report uses data from Multiple Listing Services for North Texas, Houston, San Antonio, and Austin in its report.
“The Texas new home market is steady as we head into the holiday season,” said Ben Caballero, the No.1 ranked real estate agent in the U.S. since 2013, said in the release. “We have the Texas advantage on our side as we continue to attract large employers. This relocation means a continuing need for more homes, and Texas builders are doing their best to create more inventory.”
In North Texas, new homes were on the market fewer days over the HomesUSA.com three-month average.
“Overall, new homes sold faster in Texas’ four largest markets in November,” the release said. “Last month, the average number of days to sell a new home in Texas’ four major home markets was 98.70 days versus 101.86 days in October.”
The new home price average in those markets dropped in November. Seasonal factors and higher interest rates drove the average three-month price lower in all four markets in Texas — almost $13,000 lower than the previous month.
In November, the three-month moving average new-home price was $436,387 compared to $449,386 in October.
“The Texas new home market is poised for growth, if what many leading economists are predicting comes true — that mortgage rates improve in 2024,” Caballero said. “We should see new home sales growing next year from current levels.”
Seasonal data shows pending sales were lower to flat in all four markets. The overall three-month moving average of pending new-home sales in November was 5,512. That number was 5,664 in October. Other findings from the Dallas-Fort Worth market include:
- The number of days on the market for new homes over three months was 128.43, down from 128.96 in October.
- Pending new home sales last month were 1,905 versus 2,000 in October.
- Active listings in November were 6,840 compared to 6,604 the previous month.
The HomesUSA.com monthly report is based on closed sales recorded in multiple listing services by the 10th day of the following month. Sales reported late by agents are not included.