New-home sales increased in Texas last month, according to the latest report from HomesUSA. Statewide, 6,106 new-homes were sold in May versus 5,899 in April.
New-home sales also increased in Dallas, with 1,986 homes sold in May compared to 1,892 in April.
Despite this increase, HomesUSA CEO Ben Caballero still voiced concerns about the outlook for the Texas new-home market.
“While Texas new-home sales were slightly higher in May, their moderate seasonal strength does not bode well for the rest of 2024,” Caballero said in the report. “Pending sales numbers — an indicator of future sales — are flat and are confirming my concern.”
Dallas registered 2,489 pending new-home sales in May, down marginally from the 2,497 new-homes that went under contract in April.
Caballero added that active listings continue to pile up across Texas as builders struggle to move inventory amid high interest rates: “Local builders are working hard to reduce that inventory.”
Meanwhile, the price of a new-home in Dallas increased to $486,197 in May, up from $475,516 in April.