The San Antonio home sales market continued its upward trend with a strong fourth quarter, which mirrored progress across the state. The city has seen home sales increase steadily for the past decade.
During November, 2,448 homes sold in San Antonio, a 2 percent increase over the same month last year, according to a Multiple Listing Service (MLS) report provided by the San Antonio Board of Realtors (SABOR).
The 78108 zip code, in the Cibolo area northeast of San Antonio, had the highest number of home sales with 92, and the 78215 zip code north of downtown had the least with zero.
The sales price on all homes sold went up as well. The average sales price was $263,723 and the median price was $230,600.
The month of November ended with 3.6 months of inventory available, which SABOR officials say indicates a sellers’ market.
“San Antonio and the surrounding area remain competitive for home buyers and sellers as we move into the new year,” said Grant Lopez, chairman of the board SABOR. “November reported over 10,000 active listings on the market, with over 3,000 new listings added to the market in November. This means there is a variety of options for those interested in buying or selling.”
About 58 percent of the homes in San Antonio that sold in November were priced at between $200,000 and $500,000, which is considered the mid-range price level.
Another 36 percent were homes priced under $200,000. The market of homes priced over $500,000 made up just 5 percent of sales.
In Bexar County, a total of 1,840 homes sold in November, which was a 6 percent increase versus the same time last year.
The average sales price of a home in the county increased to $247,700, or 3 percent, and the median price rose almost 4 percent to $217,500.
Statewide, home sales rose nearly 4 percent in November for a total of 24,364 homes sold.
The average price for a home in November increased by almost 3 percent to $289,065 in Texas, with the median price increasing 4 percent to $240,000.
November ended with 29,701 new listings throughout the state, and 3.5 months of inventory.
The upward trend in home sales also is expected to extend into 2020. In mid-December, the Real Estate Center at Texas A&M University predicted the state would post record highs in both housing sales and price levels and lead the nation in new home construction.
The Real Estate Center cited low mortgage rates and steady employment growth as drivers of a predicted increase in single-family housing permits – up to 10 percent versus an almost flat 1.9 percent increase in 2019.
Though the strong demand for housing during the past few years has reduced affordability, the Center reported, Texas has fared better than other high-growth states. That means builders will increase their inventory of homes priced from $150,000 to $350,000.
“Texas has led the nation in new home construction for the last several years,” stated Jim Gaines, chief economist for the Real Estate Center. “However, as in other states, land costs, a shortage of labor, and development financing have been limitations on affordable residential development.”
