Home Prices Continue Moderate Growth in the San Antonio Area in July

Home prices in the San Antonio and surrounding areas continued their steady growth in July with both the average and median sales prices reporting moderate increases, according to the Multiple Listing Service Report from the San Antonio Board of REALTORS® (SABOR) which reports on all areas contained within the MLS. The average price increased three percent from July 2015 to $246,032 and the median rose six percent to $211,900.

“The San Antonio area continues to be one of the most affordable markets in Texas,” said Bob Jacobs, SABOR’s 2016 Chairman of the Board. “For example, the median sales price of a home in Bexar County in July was $200,000 while the median was $335,000 in nearby Travis County and $219,250 in Harris County.”

About half the homes sold in July were priced between $200,000 and $500,000 while homes priced under $200,000 made up 45.3 percent of the market. Homes priced over $500,000 made up 4.53 percent of the market, with 15 of those homes priced over $1 million.

July reported just 3.9 months of inventory, consistent with previous months. In fact, months of inventory in the San Antonio and surrounding areas has remained at or below four months for nearly two years and was last at six months of inventory in November 2012. Months of inventory is an indicator of where the balance of the market lies.

“Typically, inventory below six months favors sellers while inventory between six to eight months is considered balanced. We’ve been experiencing a seller’s market for nearly four years in the San Antonio area,” explains Angela Shields, SABOR’s President and CEO. “With such a tight market, it’s important those looking to buy a home work closely with a REALTOR® to make sure they stay informed of the latest listings and find a home that suits their needs.”

In Texas, a total of 28,546 homes were sold last month, a 7.5 percent decrease from the amount sold in July 2015. The average price of a home sold in Texas increased 2.7 percent to $268,418 and the median rose 6.8 percent to $219,000. SABOR Multiple Listing Service Report: Home Sales Recap July 2014 July 2015 July 2016 Total Month Sales 2,482 (3% increase) 2,908 (17% increase) 2,850 (2% decrease) Average Price $228,957 (5% increase) $239,222 (5% increase) $246,032 (3% increase) Median Price $187,000 (6% increase) $199,800 (7% increase) $211,900 (6% increase)

*Percentage increases are based on a year-over-year comparison.
The San Antonio Board of REALTORS® is the largest professional trade association in San Antonio