Home sales and the prices at which they are sold are on the rise in San Antonio, the San Antonio Board of Realtors (SABOR) reported Tuesday. The number of home sales in San Antonio rose by 11 percent compared to July 2017. Bexar County saw an 8.7 increase.
The 11 percent increase is nearly twice that of the year-over-year increase from 2016 to 2017, according to data released by SABOR. Sales of single-family homes declined by 2 percent from 2015 to 2016 and rose again by 6 percent the following year.
“It’s a sizable increase for San Antonio,” said Lorena Peña, SABOR’s chairman. “This market has been doing much better than expected.”
The average sale price for a home increased by 2 percent to $261,889, and the median increased 5 percent to $229,800 since 2017, according to the data.
In San Antonio, 36.8 percent of homes purchased in July sold for less than $199,000.
“We still have affordable housing in San Antonio,” Peña said, “a lot of bigger cities can’t say that.” However, Peña did note that what is considered affordable also is a matter of perspective.
More than half (57.89 percent) of the homes sold in July were priced between $200,000 and $500,000, and 5 percent of homes sold above $500,000.
Overall, Texas homes sales increased by 8.1 percent in July – a total of 31,867 homes sold. The average price for a home sold in Texas increased by 3.5 percent to $294,184 and the median price rose 4.4 percent to $240,000.
Peña said she hopes for a continued upward trend in housing sales, but added that the growth may come with challenges for the city’s services and infrastructure, such as increased road congestion, or a dwindling supply of affordable housing.
“We communicate with our city officials and our county, ” she said. “Hopefully we will avoid some of the hurdles that other cities that had such a huge boom had to encounter.”
