Market sees slight increase in Days on Market, higher sales, and a price drop
Austin, TX – February 22, 2022 – The Austin new homes sales remain hardy – despite inventory challenges – as last month registered higher home sales, an increase on Days on Market and a drop in the average new home price, according to the newest monthly report from HomesUSA.com.
The 3-month moving average of Austin new home sales shows sales increased in January to 471 from 419 in December 2021. Additionally, the 3-month moving average has January active listings increasing to 2,107 from 2,061 in December.
Dallas-based HomesUSA.com also reports 3-month moving averages show the sales pace of Austin’s new home sales decreased slightly last month. The average Days on Market for a new home in Austin was 25.39 days – up from 23.38 days in December, according to the HomesUSA.com New Home Sales Index.
Home buyers will be pleased to learn that new home prices improved. The 3-month moving average of the January new home sale price in Austin was $496,052 versus $535,815 in December.
The HomesUSA.com January 2022 new homes report for Texas includes Austin, Dallas-Ft. Worth, Houston, and San Antonio, and is based on data from the Austin Board of REALTORS, North Texas Real Estate Information Systems, Houston Association of REALTORS, and San Antonio Board of REALTORS.
“Austin’s new home market is inching its way back to normal,” said Ben Caballero, CEO of HomesUSA.com and world record holder for most home sales. “And as consumer demand continues, builders are doing their best to build more to meet demand,” Caballero added.
While Caballero notes that new homes are still selling so fast that not all are not being entered into the MLS (Multiple Listing Service), more listings are being entered into the local MLS each month, which remains the most reliable and timely source of all real estate sales activity.
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 January, set for Thursday, February 24 at 10:00 am Eastern.
Caballero noted this monthly HomesUSA.com report includes both 3-month and 12-month moving averages for all 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 rose in all four Texas major new home markets in January. In Austin, the DOM was 25.39 days versus 23.38 days last month. The DOM for Dallas-Ft. Worth increased to 53.25 days from 52.41 days in December 2021. Houston’s DOM was 70.77 days versus 68.50 days in December. In San Antonio, the DOM was up slightly to 50.28 days versus 50.20 days in December. (See Chart 1: Texas New Homes Days on Market)
Texas New Home Sales Data
Total new home sales, based on all available local MLS data, were higher statewide in Texas and three of the four major new home markets last month, according to the 3-month moving average. In Austin, January sales totaled 471 versus 419 versus in December. In Dallas-Ft. Worth, January total sales were 1,220 versus 1,195 versus in December 2021. In San Antonio, new home sales increased to 428 from 412 in December. Houston was the one market with slightly lower home sales, with January sales of 1,521 versus 1,559 in December. (See Chart 2: Texas New Home Sales)
Texas New Home Prices
The average price of new homes in Texas shows a decrease in two of the four Texas major new home markets last month. Austin's 3-month moving average price – the highest among the top four markets, fell in January to $496,052 versus $535,815 in December. In Houston, the average new home price was slightly lower in January at $397,535 versus $397,785 in December. Dallas-Ft. Worth reported its 3-month moving average price for new homes was higher in January at $442,969 versus $436,581 in December 2021. The average new home price in San Antonio also was higher in January at $373,272 versus $369,468 in December. (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 continues to hover close to 100 percent of the asking price. Statewide, the 3-month moving average of the sales-to-list price ratio in January was 99.337 percent versus 99.340 percent in December 2021. In Austin, the sales-to-price ratio in January was 99.942 percent versus 99.847 percent in December. Dallas-Ft. Worth was 99.868 percent versus 99.920 percent in December. In Houston, the ratio was 98.773 percent versus 98.849 percent in December. San Antonio's ratio last month was 99.143 percent versus 99.025 percent in December. (See Chart 4: Texas Sales-to-List Price Ratio)
Texas Pending New Homes Sales Data
Based on local MLS data, pending new home sales totals were higher statewide and in each of the four major new home markets in Texas last month. Statewide MLS data shows pending sales in January were 5,343 versus 4,736 in December 2021. Austin's pending sales in January were 722 versus 538 in December. Dallas-Ft. Worth pending sales in January were 1,764 versus 1,638 in December. Houston’s January pending sales last month were 2,036 versus 1,840 in December. In San Antonio, pending sales last month were 821 versus 719 in December. (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 declined slightly in January, with 13,943 versus 14,443 in December. Austin was the only one of the four major Texas new home markets to post higher active listings last month. In Austin, January’s active listings were 2,107 versus 2,061 in December. Dallas-Ft. Worth’s active listings in January were 2,157 versus 2,478 in December 2021. Last month's active listings in Houston were 7,680 versus 7,813 in December. San Antonio reported active new home listings in January were 1,998 versus 2,091 in December. (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 the world record holder for "Most annual home sale transactions through MLS by an individual sell-side real estate agent." 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.
Note; Photo of Austin home courtesy of HomeJab
