Despite inventory challenges, the market for new homes in Houston is showing signs of improvement. A new report from HomesUSA.com revealed that new homes are staying on the market longer and prices and sales are stabilizing.
The report, which includes findings for Houston, Dallas-Fort Worth, Austin and San Antonio, is based on data from the Houston Association of REALTORS®, North Texas Real Estate Information Systems, Austin Board of REALTORS® and San Antonio Board of REALTORS®.
The three-month moving average of Houston’s new-home sales shows January sales decreased marginally to 1,521 from 1,559 in December. Additionally, January’s active listings decreased to 7,680 from 7,813 the previous month.
According to data from the HomesUSA.com New Home Sales Index, new Houston homes remained on the market for an average of 70.77 days in January, up from 68.50 days in December. The average price for a new home was $397,535 in January versus $397,785 the previous month.
“Houston’s new-home market is inching its way back to normal,” said Ben Caballero, CEO of HomesUSA.com, in a press release. “As consumer demand continues, builders are doing their best to build more to meet demand.”