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Kim_Gatley
Kim Gatley
S
enior Vice President & Director of Research at REOC San Antonio

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San Antonio housing market recovering nicely; more lots needed

Source: SABOR

Source: SABOR

Recent reports from both Metrostudy and the San Antonio Board of Realtors indicated that San Antonio’s housing market is on the road to recovery.

Between April and June of this year, 2,094 home purchases were completed which marks a 12 percent increase from the 1,826 homes purchased during the same three months in 2012, according Metrostudy’s second quarter analysis.  Construction, on the other hand, dipped 1.7 percent for the same time period – not for lack of demand but due to a lack of lot supply in highly desirable areas.  There were 2,258 single-family new home starts in the second quarter down from 2,297 starts during the same three months in 2012.

According to the most recent report released by the San Antonio Board of Realtors (SABOR), a record 2,430 homes were sold in July – up 27 percent compared to 1,907 homes sold in the same month last year.  July also boasted the most new listings and the most active listings in a single month, versus any month of 2013 so far.

July’s average home price of $215,779 represented a 10 percent increase from the average sales price of $196,661 recorded back in July 2012.

The median price of a home in San Antonio was $178,000 as of July 2013 — an eight percent increase from the median price of $164,700 posted last July.

As of July 2013, homes were spending an average of 71 days on the market, SABOR reports. Housing inventory stands at a tight 5.1 months worth of product.

Click to read Lot-supply issue impacting San Antonio’s housing market, Metrostudy reports (San Antonio Business Journal, 8-9-13); San Antonio housing market posts record home sales in July (San Antonio Business Journal, 8-20-13); SABOR report (July 2013)

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