Although new-home prices decreased last month and new-home sales fell flat, HomesUSA CEO Ben Caballero says the Dallas new-home market “looks strong” entering 2024.
According to the latest New Home Sales Report from HomesUSA.com, new-home sales decreased fractionally with 1,755 sales in September and 1,737 in October, while the average new-home price decreased from $500,200 to $491,367. Pending sales also fell month-over-month.
“Overall sales were relatively flat, largely due to seasonality. Still, the overall data is validating continued strength of our overall Texas economy,” Caballero said in the report. “The Texas new-home market sounds like a broken record — strong and steady, strong and steady.”
Amid slower sales, new-home inventory grew during the month with 6,604 new homes on the market in October. Meanwhile, the pace of new-home sales slowed, with the average home selling in 128.96 days compared to 126.81 days in September.
“The strength I’m seeing in new-home production and sales this fall indicates that 2024 looks strong for Texas homebuilders,” Caballero said. “That’s provided interest rates remain steady or decline, and the economy remains stable.”