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Texas New Home Sales Data Flatten in April as Expected

HomesUSA.com also reports faster sales pace and lower average sales prices

DALLAS, May 20, 2020 (GLOBE NEWSWIRE) -- Total new home sales in last month flattened in Texas, reflecting an expected slowdown in the market, according to a new homes sales report from HomesUSA.com. Builders also reported lower average prices statewide and fewer Days on Market for new homes sold in April.

The HomesUSA.com report is based on data from the Houston Association of REALTORS, North Texas Real Estate Information Systems, San Antonio Board of REALTORS and the Austin Board of REALTORS Multiple Listing Services.

“It’s no surprise that Texas new home sales levelled in April with the pandemic pushing many buyers to the sidelines,” said Ben Caballero, owner of HomesUSA.com and a current Guinness World Record title holder.

“The good news for builders is that April new home sales did not decline in Texas as sharply as some anticipated,” he added, noting that the 12-month rolling average for new home sales showed just 27 fewer homes sold than in March.

Total April new home sales in Texas averaged 4,009 versus 4,036 in March. Houston posted April sales totaling 1,350 versus 1,365 in March. In Dallas, April sales totaled 1,428 versus 1,437 in March, while Austin April sales totaled 684 versus 688 in March. San Antonio was the one anomaly with one more sale in April, 547, versus 546 in March.

According to the HomeUSA.com New Home Sales Index, the Days on Market (DOM) average in Texas was 104.23 days in April versus 105.37 days in March. For the fourth month in a row, the New Home Sales Index showed homes sold faster in every major new home market in Texas.

The good news for buyers is that the average sales price of a new home was lower statewide in April. In Texas, the 12-month moving average sales price of a new home was $355,017 in April, down from $355,752 in March.

New home sales prices were lower in three of the four biggest new home markets in Texas – Houston, Dallas-Fort Worth, and San Antonio. For the second consecutive month, only Austin saw a slightly higher average new home sales price in April.

Surprisingly, pending new home sales were higher in April. In Texas, pending sales increased in April to 4,771 versus 4,732 in March.

Caballero is sharing this Texas new homes report in advance of the release by the Commerce Department of its national New Residential Home Sales report for April set for Tuesday, May 26, at 10:00 am Eastern.

Days on Market – New Homes in Texas (Exclusive Data)
The new home sales pace continued to improve as homes were on the market fewer days in all four of the state's top home markets, according to the HomesUSA.com New Home Sales Index. The DOM for Houston was 116.05 days in April versus 117.45 days in March. In Dallas-Ft. Worth, the DOM in April was 98.22 days versus 98.76 days in March. Austin's DOM in April was 100.37 days versus 102.44 days in March. In San Antonio, the DOM in April was 95.19 days versus 95.91 days in March. (See Chart 1: Texas New Homes Days on Market)

Texas New Home Sales Data
Sales of new homes were either slightly lower or flat statewide in all four major markets. In Houston, the state's biggest new home sales market, total new home sales in April were 1,350 versus 1,365 in March. Dallas-Ft. Worth's total new home sales in April were 1,428 versus 1,437 in March. Austin's total new home sales in April were 684 versus 688 in March. In San Antonio, total new home sales in April were 547 versus 546 in March. (See Chart 2: Texas New Home Sales)

Texas New Home Prices
Except for Austin, sales prices in all the markets monitored continued their gradual decline. In Houston, the average new home price was $347,969 in April versus $348,437 in March. Dallas-Ft. Worth reported its average price was $372,898 in April versus $374,198 in March. In San Antonio, the average price was $297,456 in April versus $297,870 in March. Austin's average price was $377,736 in April versus $377,627 in March. (See Chart 3: Texas New Home Prices)

Texas Sales-to-List Price Ratio
Though very gradual, sales prices as a percent of their list prices continued their nearly two-year increase. In April, the 12-month moving average of the sales-to-list price ratio, new homes in Texas was for 98.03 percent of their asking price versus 98 percent in March. In Houston, it was 97.63 percent versus 97.60 percent in March. In Dallas-Ft. Worth, it was 97.90 percent versus 97.87 percent in March. The April ratio in Austin was 98.75 percent versus 98.74 percent in March, and San Antonio's April ratio was 98.50 percent versus 98.48 percent in March. (See Chart 4: Texas Sales-to-List Price Ratio)

Texas Pending New Home Sales Data
The 12-month rolling average for pending new home sales in April posted higher numbers in all of the state's top new home markets last month. In Houston, April's pending sales were 1,596 versus 1,592 in March. In, Dallas-Ft. Worth it was 1,670 versus 1,648 in March. In Austin, it was 817 versus 816 in March, and in San Antonio, it was 688 versus 676 in March. (See Chart 5: Texas Pending New Home Sales)

About the HomesUSA.com New Home Sales Index
The HomesUSA.com Index is a 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 index to track the sale pace of new home sales specifically.

About Ben Caballero and HomesUSA.com®
Ben Caballero, founder and CEO of HomesUSA.com, holds the current Guinness World Record title 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 Play. An infographic illustrating Ben’s sales production is here. Learn more at HomesUSA.com |Twitter: @bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.

Note for journalists: You may contact Ben Caballero directly on his cell at (214) 616-9222 or by email at ben@homesusa.com.

Media Contact:
Kevin Hawkins
(206) 866-1220
kevin@wavgroup.com

Image: Ben Caballero
https://www.homesusa.com/wp-content/uploads/2016/06/L-38017_bcaballero_photo.jpg

Individual Chart images:
Chart 1: Texas New Homes Tracking - Days on Market – Apr 2020:
https://homesusa.com/wp-content/uploads/2020/05/Chart-1-Texas-Days-on-Market.jpg

Chart 2: Texas New Home Sales – Apr 2020:
https://homesusa.com/wp-content/uploads/2020/05/Chart-2-Texas-New-Home-Sales.jpg

Chart 3: Texas New Home Sales Prices – Apr 2020:
https://homesusa.com/wp-content/uploads/2020/05/Chart-3-Texas-New-Home-Prices.jpg

Chart 4: Texas Sales-to-List-Price Ratio – Apr 2020:
https://homesusa.com/wp-content/uploads/2020/05/Chart-4-Texas-Sales-to-List-Price-Ratio.jpg

Chart 5: Texas Pending New Home Sales – Apr 2020:
https://homesusa.com/wp-content/uploads/2020/05/Chart-5-Texas-Pending-New-Home-Sales.jpg

Chart 6: Texas 3-Month Rolling Averages – New Homes – Apr 2020:
https://homesusa.com/wp-content/uploads/2020/05/Chart-6-3MonthChart-DataOnly.jpg