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How I started as a Land Broker in Austin County TX
How One Phone Call Led to Jumpstarting a New Area of Real Estate Business and a Great Friendship.
How are Houston and DFW New Homes Selling?
How Are New Homes Selling in Houston and DFW in the Last 30 Days?
By Troy Corman, founder of t2 Real Estate
To get a better gauge on how new homes are selling in Dallas County and Harris County, we’ll compare sales and prices in the last 30 days (through August 27) to the same time period one year prior.
Starting in Dallas County, 180 new homes were sold in the last 30 days with an average price of $644,102. These homes averaged 2,534 square feet, while the median price of new homes averaged $370,623 at 2,100 square feet. Days on market averaged 106 days.
One year ago, 197 new homes were sold in Dallas County at an average price of $625,578 at 2,408 square feet. The median price was $385,999 at 2,163 square feet. Days on market averaged 99 days.
Dallas Townhome and Condo Sales Statistics
According to NTREIS, there were 63 condo and townhome sales in the last 30 days at an average price of $448,253 on 1,911 square feet. The median price was $388,000 at 1,849 square feet. Days on market averaged 88 days.
A year ago, DFW recorded 90 condominium and townhome sales with an average price of $545,295 on 1,982 square feet and a median price of $404,683 on 1,908 square feet. Days on market averaged 96 days.
New Home Sales Statistics in Harris County (Houston)
In Harris County (Houston), there were 837 new homes sold in the last 30 days at an average price of $418,638 on 2,202 square feet. The median sales price was $338,720 on 1,988 square feet. Days on market averaged 77 days.
A year ago, Harris County recorded 700 new homes sold in the same time period, with an average price of $454,571 at 2,269 square feet. The median sales price in Houston was $352,541 a year ago with a median square footage size of 2,053. Days on market averaged 81 days.
In conclusion, it seems that sales prices and home sizes are decreasing on new construction homes in Houston and Dallas – Fort Worth. With lower average home sizes and home prices, sales momentum seems to be picking up in Houston, while Dallas – Fort Worth is still facing headwinds from the challenging affordability issue affecting mainstream America.
However, lower mortgage rates should help some. As of today’s writing, the average 30-year mortgage is 6.51% while the 15-year is at 5.88% according to MortgageNewsDaily.com. That should bring more buyers into the market, as pent-up demand continues to build during this prolonged real estate market malaise. But it seems the Houston market may have turned the corner.
20 Years That Changed Home Building
When Did Home Building by Craftsmen End?
https://www.youtube.com/@BrentHullBrent Hull discusses the history of home building in the US, and how the focus on the mass production of new homes eliminated the highly skilled craftsmen who built all of the new homes until the 1940s. Brent Hull has a great YouTube channel ( https://www.youtube.com/@BrentHull ) where he discusses historic homes and craftsmanship.
DFW July Home Sales Leap Over 2024
July DFW Home Sales Leap Over 2024.
DFW area home sales rebounded with healthy gains over July of 2024. Collin County led the way with a robust 18.5% gain. Obviously, some of the gain can be attributed to new home subdivisions stretching north of the metroplex. According to NTREIS, it was Collin’s highest July home sales closings since the boom year in 2021.
Denton County recorded 1,383 closings, and exceeded 1,223 closings in 2024 for a healthy 13% increase. It also exceeded Denton’s 2023 closings of 1,322 homes.
Dallas County closings were up 9% with 1,890 closings, but below 2023 numbers when 1,944 homes closed.
Heading west, Tarrant County registered 2,167 closings, up 10% over last July, and it also exceeded the 2,109 closings that occurred in 2023.
Combined with Houston’s 9% increase in home sales and impressive July pending sales up 32%, has the market turned in Texas’ two largest metros? Time will tell.
Houston Home Sales Rise 9% in July
Houston Home Sales Jump 9% in July.
3By Troy Corman, Land Broker with t2 Real Estate
For the third consecutive month, home sales in Houston increased year-over-year in July, with single-family homes leading the way, up 9%. While some of the gain can be attributed to the fact that last year, Hurricane Beryl slowed sales for a few days, pending sales rocketed up an impressive 32.2%.
The median price decreased 3.1% to $339,000 while the average price slipped 1.9% to $434,664.
Properties available for sale increased 38.2% over last July.
Meanwhile, lower mortgage rates may be incentivizing the increased buyer demand as a 15-year mortgage is now averaging 5.95% while a 30-year loan now averages 6.58%.
- $1 – $99,999: increased 26.3 percent
- $100,000 – $149,999: increased 39.1 percent
- $150,000 – $249,999: increased 25.5 percent
- $250,000 – $499,999: increased 6.0 percent
- $500,000 – $999,999: increased 0.5 percent
- $1M and above: increased 7.5 percent
Coming Soon, Lower Interest Rates for the US.
Michael Lebowitz expecting lower rates.
By Troy Corman, Land Broker with t2 Real Estate
Michael Lebowitz joins Adam Taggart, on his Thoughtful Money podcast to discuss the macro outlook for the economy and financial markets. Mr. Lebowitz thinks we’ll get more interest rate cuts from the FED than most are expecting. His take – interest rates are headed lower. That should be helpful to get the real estate market more liquid in my humble opinion.