San Antonio Board of Realtor's (SABOR) has released its Housing Forecast for 2015. According to guest speaker Mario Hernandez, President of the Economic Development Foundation, the population of San Antonio increased 2.04 percent from the previous year. That is a phenomenal increase for just one calendar year but the good news is that means more home buyers. Hernandez also revealed a 2.62 percent increase in job growth over the last year and a drop in the unemployment rate from 6.5 in 2012 to 4.3 currently. Hernandez also shared that San Antonio is the seventh largest city in the United States and our cost of living is 9.2 percentage points below the national average.
Chairman Jeffers provided a look at the year in San Antonio. As of the end of November, a total of 22,655 homes have been sold in the city. That’s a four percent increase from the previous year. Days on market dropped to just 68 days, which is down seven days from 2013. Jeffers also took a look at which areas saw the most growth in 2014 and provided a breakdown of each subdivision’s sales and pricing for the year.
Dr. Dotzour reminded the group that 6.5 months of inventory is considered the national average. San Antonio is currently below that number. Dr. Dotzour pointed out the need to build more homes. If home prices are going up and there is more housing inventory then the market is good and moving forward.
Interest rates are still low and if the inventory remains below the national average, that means you may have more competition for the home you want. Winter months are traditionally the slower time of year for home buying. This means buyers have lots of options now that may not be there later in the spring and summer.