San Antonio Housing Market Breaks Records
San Antonio home shoppers went on a buying spree in June, sending sales volume and pricing up accounting for the highest sales, average and median price in four years. Average and median prices broke records while volume of sales reached the highest level since June 2008. Sales of single-family homes increased 4 percent compared to the same month last year according to the June 2012 Multiple Listing Service report by the San Antonio Board of REALTORS® (SABOR).
"Both buyers and sellers are reaping the benefits of an extremely healthy and robust real estate climate in San Antonio, driven largely by continued job gains that have been responsible for drawing many new consumers to this market," said Liza Reyes, Chairman of the Board. "Buyers are able to take advantage of the lowest interest rates in history as they shop for homes, and we're also hearing accounts of sellers receiving the asking price for their homes and even multiple offers."
Strong sales activity among homes from $200,000 and up pushed average and median pricing. The June single-family home median price —the figure at which half of the homes sold for more and half sold for less —rose 8 percent year-over-year to $168,800, the highest level since 2007 in San Antonio. The average price rose 9 percent to $209,820, the highest since 2007.
The number of available properties, or active listings, at the end of June declined nearly 15 percent from June 2011. The inventory of single-family homes dipped to 6.9 months compared to 8.3 months one year earlier. That means that it would take nearly 7 months to sell all the single-family homes on the market based on sales activity over the past year without any new homes being added. The figure is aligned with the national inventory of single-family homes of 6.6 months reported by the National Association of REALTORS® (NAR).
“We credit the strength of the housing market to San Antonio’s continued job growth, affordability and low interest rates” SABOR President and CEO Angela Shields said.
Source: San Antonio Board of REALTORS®