Dallas-Fort Worth homebuilders continue to see vigorous demand for new houses, as new home sales, average home prices and the speed of sales all increased last month, according to HomesUSA.com New Home Sales Index.
D-FW’s three-month moving average for Days on Market dropped from 102 days to less than 67 days in the last year. It’s a new record for the fastest sales pace of new homes since Dallas-based HomesUSA.com started reporting Days on Market data in 2017.
New home sales are accelerating so rapidly that the trends are best reflected in the three-month moving averages rather than the 12-month averages, said Ben Caballero, owner of HomesUSA.com.
He doesn’t see an end in the upward trends anytime soon.
“The demand for new homes is going to continue for many months if not years in Dallas-Fort Worth,” Caballero said.
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Because new homes are listed during construction, they carry an average Days on Market of about 60 days higher than existing homes.
“Throughout the Dallas-Fort Worth area, we are seeing a gold-rush response as buyers flock to new developments because demand is far exceeding supply,” Caballero said.
The three-month moving average of new home prices in D-FW rose in April to $412,057 versus $400,431 in March. The average price of new homes rose in all four of Texas’ largest new home markets, including DFW, Houston, Austin and San Antonio.
Record low inventory continues to impact the North Texas market.
While April home sales in D-FW were higher, active listings and pending sales of new homes statewide plummeted last month.
Caballero said that homes sales are actually “much higher than the MLS data shows,” because builders are selling homes before they can list them in the Multiple Listing Service, which is highly unusual.
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D-FW new home sales jumped to 1,338 in April from 1,274 sales in March, the three-month moving average for April shows.
The three-month moving average recorded 4,088 new homes listed in D-FW, down from 4,894 in March, or a decline of almost 16 percent. D-FW’s active listings in the last year tumbled 37 percent from 6,469 active listings reported in April 2020.
The three-month moving average of pending sales decreased in April with 1,464 versus 2,088 in March, impacted by a reduction of new home inventory.
Information provided by Dallas News