REOC San Antonio
Commercial Real Estate Since 1974   
Kim_Gatley
Kim Gatley
S
enior Vice President & Director of Research at REOC San Antonio

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New home market trudging through bottoming process

New Home Sold

Although not hit as hard as many areas, San Antonio home builders have endured a long, hard road since the market peaked in 2006 but according to the recent Metrostudy report featured in the San Antonio Business Journal on July 31,2009, the San Antonio housing market is one step closer to the bottom and looking forward to better times.   

Local builders started construction on 7,096 new homes over the past twelve months ending June – down roughly 30% from the previous twelve-month period.  Over the same period, 8,931 new homes were purchased.   Although down 34% over the preceding twelve months ending June 2008, the pace of new home sales exceeded new home starts helping rid the market of excess inventory.  Of the 40 markets Metrostudy tracks, San Antonio has the tightest inventory supply making it one of the healthiest markets in the country.  

The U.S. home market is seeing some positive news of its own.  According to CNNMoney.com, the July 27, 2009 article New Home Sales: “Really Good News” reported that national new home sales in June rose 11% over May, but median price fell 3%.  The report cites data from the U.S. Department of Housing and Urban Development, National Association of Home Builders (NAHB) and others to summarize the current status of the national housing market compared to historical performance.

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