Austin’s market for newly built homes is — no surprise — the priciest in Texas.
New data from HomesUSA.com shows that in June, the average price of a newly built home in the Austin metro was $541,079. Meanwhile, Dallas-Fort Worth’s new-construction price surged past the $500,000 mark for the first time, landing at $501,327. In Houston, new construction was priced at $419,573, with San Antonio at $391,577.
“Despite all of the market challenges – from labor shortages to supply chain and delivery issues – Texas builders continue to show steadfastness and resilience in markets that still remain persistently strong,” says Ben Caballero, CEO of Dallas-based HomesUSA.com.
In Austin-Round Rock, the average price for a new-construction home jumped 22.2 percent from last June to this June, according to HomesUSA.com. From this May to this June, the average price dipped slightly, by less than 1 percent.
Those numbers compare with:
- A 23.7 percent year-over-year jump in the average price of a newly built home in the San Antonio area, and a 2.7 percent month-over-month increase. San Antonio’s year-over-year figure was the highest among the state’s four major metros.
- A 20.5 percent year-over-year jump in the average price of a newly built home in Dallas-Fort Worth, and a 3 percent month-over-month increase.
- An 11 percent year-over-year jump in the average price of a newly built home in the Houston area, and a less than 1 percent month-over-month increase.
Even amid escalating home prices, rising interest rates for mortgages, and nagging demands confronting homebuilders, Caballero believes construction of new homes in Texas will maintain a torrid pace.
“Due to its business-friendly environment, no personal income tax, and geographic location, I expect Texas to continue leading the nation in home starts,” he says. “The continuing migration from large population centers in the North, Northeast, and West Coast markets will cause those areas to experience a disproportionate share of the coming housing slowdown.”