2024 to be Fruitful for Texas Housing Market, Report Claims

2024 to be Fruitful for Texas Housing Market, Report Claims

Dallas, Texas: The nation’s top-ranked real-estate agency released a report that claimed 2024 to be a good year for new home sales.

New Home sales were all-time low in Texas with average home prices at the lowest in all four markets.

“The strength I’m seeing in new home production and sales this fall indicates that 2024 looks strong for Texas home builders,” said Ben Caballero, America’s No. 1-ranked real estate agent.

October saw a decline in the average price of new homes across the four biggest Texas markets. The three-month moving average of new home prices in the top four markets in Texas was $449,386 last month, down from $458,814 in September. The price of a home in Dallas-Ft. Worth was $491,367 last month as opposed to $500,200 in September. Houston’s new home average price for the month of October was $410,034 as opposed to $423,024 in September. Austin’s average price for a new home last month was $524,400, down from $534,676, and San Antonio’s average price was $372,242, down from $373,494 in September.

According to Ben Caballero, average pending sales were marginally lower in three of the four main Texas new home markets, primarily because of seasonality. San Antonio stood out as there were marginally fewer pending sales there. Compared to 5,816 in September, the overall 3-month moving average of pending new home sales was 5,664 last month.

The housing market is expected to gain momentum in the coming year. More people are expected to buy new homes as the market blooms.

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