Prices for newly-constructed homes are starting to flatten in Houston as homebuilders...
Prices for newly-constructed homes are starting to flatten in Houston as homebuilders contend with a drop off in demand and rising inventories, a new report found.Prices for newly-constructed homes are starting to flatten in Houston as homebuilders contend with a drop in demand and rising inventories, a new report from HomesUSA suggests.
The brokerage takes the three-month moving average for home sales to provide a seasonal snapshot in time of the market. Over the past three months, the average newly-constructed home in Houston sold for $427,038. That is slightly down from the three-month averages seen in October and September, when new home prices were hovering just above $429,200. Those prices are all higher than last year and rising, just at a slower pace.
New homes sold through the MLS did tick up slightly last month. The three-month moving average for new home sales hit 1,548 in November, a couple dozen more than October and about 180 homes more than the same period a year ago. That statistic doesn’t fully capture the market slowdown. Sales activity was so robust last year that some builders didn’t bother to list their homes on multiple listing services or work with a real estate agent, Caballero said.
The situation is very different this year. Even though home prices are slightly down from a few months ago, the three-month moving average for new home prices is still 8 percent higher than they were a year ago in Houston. That coupled with relatively higher mortgage rates are keeping many would-be buyers on the sidelines.
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