New-home sales increased marginally across the Lone Star State last month, according to the latest New-Home Sales Report from HomesUSA CEO Ben Caballero.
In Houston, however, sales remained relatively flat: new-home sales increased from 1,827 in February to 1,848 in March. Days on market also increased to 97.9 days, up from 96.1 days a month prior.
“The Texas spring homebuying season is underperforming as the new-home sales recovery has been unimpressive,” said Caballero. “New-home markets throughout Texas are struggling to return to normal seasonality.”
Caballero added that while the strong Texas economy keeps builders viable, the state needs “lower and more stable mortgage rates to improve affordability.”
New-home prices in Texas remained stable last month, with Houston’s average declining from $402,706 in February to $397,315 in March. Statewide, the average dropped slightly month over month, from $430,533 to $428,682.