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.