Hi in sharepoint 2013 community site home page you can see a webpart named "discussions list". In that webpart I wanted to edit "new discussion" text. Webpart properties also has no option to edit that text. Is there a way to edit this text or it cannot be edited??
I assume you mean to edit an existing discussion. If I'm correct, Click on the Subject of the discussion item (hyperlink).. you'll see the item with "Like, Reply and ..."
Click on "..." and you'll be presented with an option to "Edit".