Texas new-home sales declined in September — but according to HomesUSA CEO Ben Caballero, that’s just a product of market seasonality.
Data from HomesUSA’s New-Home Sales Report shows that new-home sales fell from 5,450 sales in August to 5,107 in September. Pending new-home sales also fell statewide. However, these statistics may just be indicators of the market slowdown as winter approaches.
“The Texas new-home market remains strong and steady,” Caballero said in the report. “Despite a small overall seasonal decline in average new-home sales last month, the latest new-homes data bodes well for the coming months if interest rates remain steady.”
The average new-home price dropped from $460,060 in August to $458,814 in September. New-home prices also dropped in Dallas, Houston and Austin, but rose marginally in San Antonio.
Meanwhile, Texas’ new-home inventory grew during the month, with an average inventory of 27,972 homes across the four main markets.