HomesUSA.com said affordability pressure and elevated mortgage rates weighed on demand, even as days on market improved and active listings rose to 36,247.
Texas new home sales eased in June after two months of increases, with statewide closings slipping to 6,262 from 6,339 in May and pending sales dropping 7.1% to 6,564, according to HomesUSA.com. The report said affordability headwinds and elevated mortgage rates continued to restrain buyer demand, while inventory expanded and homes sold somewhat faster than in May. Average new home prices rose to $426,171 from $418,272, days on market fell to 116.25 from 121.85, and active listings increased to 36,247 from 35,688. Ben Caballero, CEO of HomesUSA.com, said builders are still adjusting to affordability challenges and that the rate cuts they had hoped to see in spring did not materialize, tempering the usual seasonal pickup. Across the four major markets, Dallas-Fort Worth and Austin posted lower sales, Houston and San Antonio were essentially flat, and all four markets recorded month-over-month declines in pending sales.