Despite rising mortgage rates and the usual slowdown in home sales during the fall, buyers continued to purchase homes in San Antonio and surrounding areas in record numbers in October.
A recent Multiple Listing Service Report from the San Antonio Board of Realtors (SABOR) shows 2,573 homes sold during October, a 2 percent year-over-year increase. Most were homes priced between $200,000 and $500,000.
“As the weather cools and families settle into the school year, it is not uncommon to see a slower pace in sales,” stated Lorena Peña, SABOR’s board chair. “However, the fact that more homes continue to be sold this year from previous years underscores the strength of our local economy and demonstrates that buyers are still able to find something even in such a tight market.”
So far this year, a total of 27,377 homes have been sold in San Antonio and surrounding areas, a 5 percent increase over 2017.
Home sellers also fared well in October. Average and median prices experienced an increase over 2017, with a 7 percent rise in the average price, to $257,855, and an 8 percent increase in the median price, to $223,800.
The price per square foot rose 7 percent year-over-year, to $123, and 97 percent of homes sold for list price. At the end of October, 2,197 sales were pending.
Further analysis of October home sales showed homes spent just 54 days on the market, two fewer days than the same month last year. SABOR reports that inventory also remained low with just 3.6 months of housing stock available.
Approximately 40 percent of homes sold in October were those priced under $200,000, while the majority of home sales, over 54 percent, were those priced between $200,000 and $500,000. The remaining 5 percent were for homes priced over $500,000.
Homes sales in Bexar County increased 1.8 percent compared to last year, with 1,914 homes sold in October. The average price of a home sold in the county increased 6 percent, to $245,311, and the median rose almost 9 percent, to $212,700.
Statewide, home sales rose 1.5 percent in October. The average price for a home sold in Texas went up 4.7 percent, to $281,717, and the median rose 4.8 percent, to $230,500.
The National Association of Realtors reported that existing-home sales declined in September after a month of stagnation in August. All four major regions of the country saw no gain in sales activity in September, likely due to long-term mortgage rates being at their highest levels in seven years.