Despite continuing inventory challenges, the Houston real estate market saw an uptick in new homes last month, according to a new report from HomesUSA.com.
The three-month moving average of Houston new-home sales shows sales listed in the Multiple Listing Service (MLS) in March increased month over month from 1,565 to 1,635.
However, the three-month moving average for March shows active listings falling to 7,426 from 7,512 in February due to limited inventory.
The report also revealed that homes stayed on the market slightly longer and sold at higher-than-average prices in March. The three-month moving average of new-home sales prices last month was $410,214 versus February’s $406,230.
The average cost of a new home in Houston has risen 12% year over year, up over $45,000 from March 2021.
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®.
“Sales have been increasing over the last three months as builders are responding aggressively to meet continuing demand,” said Ben Caballero, CEO of HomesUSA.com. He added that the market “shows signs of strengthening” despite inventory struggles.