Houston's average price for a newly built home makes significant jump, says new report
Home prices here — especially for new builds — are on the rise, with Houston showing a 38.8 percent year-over-year increase in the typical monthly mortgage payment, as CultureMap reported.
But just how much are these new homes worth? New data from Dallas-based HomesUSA.com shows that in June, the average price of a newly built home in Houston is now $419,573. That means more than a 10-percent jump from last summer, per the report.
Among the state’s four major metro areas, Austin led this category in June ($541,079), followed by Dallas-Fort Worth ($501,327), Houston ($419,573), and San Antonio ($391,577).
Those numbers compare with:
- A 22.2 percent year-over-year jump in the average price of a newly built home in the Austin area, and a less than 1 percent month-over-month decrease.
- A 20.5 percent year-over-year jump in the average price of a newly built home in the DFW area, and a 3 percent month-over-month increase.
- 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.
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.”