New Austin Homes Sale Fast As Low Inventory Drops Prices
AUSTIN, TX — Austin’s new home market saw record fast sales as less inventory pushed total monthly sales lower, according to a July report by HomesUSA.com.
The new homes report was released Tuesday and is based on data from the Austin Board of REALTORS Multiple Listing Services, North Texas Real Estate Information Systems, Houston Association of REALTORS, and San Antonio Board of REALTORS.
According to the report, new home sales set a record pace in June. The three-month moving average for Days On Market in Austin dropped to 38 days, a new low for the fewest average number of days for new homes to be on the market locally since the real estate website began tracking the data in 2017.
Across Texas, the DOM dropped to 68 days, down from 72 days in May. In June, the DOM for Austin was 89 days
The reports states the three-month moving average price for a new home in Austin dropped surprisingly in June to $442,691 versus $450,263 in May. Statewide, the three-month moving average price for a new home last month was$387,312 versus $386,320 in May.
HomesUSA.com states low inventory helped drive down Austin new home sales last month to a three-month moving average of 395 versus 502 in May. Home sales were lower statewide and in all four of the state’s major new home sales markets.
Ben Caballero, owner of HomesUSA.com, points out that “the multiple listing service numbers are not telling the true picture of what is happening.”
“Builders are using alternative sales avenues such as ‘highest and best offer’ or a lottery system,”
Caballero said. “These homes sales are not reflected in the MLS because some builders are not listing them in the MLS.”
Caballero said that some builders are not working with buyer agents and some are even posting signs that they do not offer a broker participation program at all.
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