Monthly Market Update: Toni Smart, Smart Group, TX

Total sales of existing and new homes in July in the San Antonio-New Braunfels metropolitan statistical area jumped 18.6 percent year-over-year to 2,978 sales, according to the monthly local market report from the San Antonio Board of Realtors (SABOR). Average price grew 4.7 percent to $240,469 and median price increased 6.4 percent to an even $200,000.

“Our market this summer continues to outperform previous years,” said Mary Ann Jeffers, 2015 Chairman of SABOR. “In addition to the rise in sales and prices, months of inventory in July remained low with 4.1 months while days on market plummeted to just 48 days, 3 days less than the Texas average of 51.”

The majority of the month’s sales were existing homes, which experienced an 18.7 percent increase in sales for a total of 2,642. The average sales price of an existing home was $231,371, a 4.6 percent year-over-year increase, and the median was $190,000, a 6.4 percent increase from 2014.

New home construction also experienced significant growth in July. Sales of new home construction shot up 17.5 percent for a total of 336 homes sold with an average sales price of $311,886, a 5.5 percent increase from 2014. Median price was $280,000, a 4.8 percent yearover- year increase.

These increases come on the heels of a recent report from WalletHub which ranked San Antonio’s housing market as the third healthiest in the country due to affordable prices and equity levels. In fact, of the three Texas cities that made the list, San Antonio claimed the highest spot.

Bexar County reported significant growth as well with 2,204 homes sold in July, a 14.3 percent increase from 2014. Average price increased 4.5 percent to $230,489 and median increased 6.0 percent to $189,000.

“Not only is the San Antonio area reporting strong numbers, but the whole state has experienced immense growth as well,” said Angela Shields, SABOR President and CEO. “Texas reported 169,757 homes sold since January, a 5.8 percent year-over-year increase with total dollar volume up 12.4 percent. We continue to be one of the fastest growing states due to our affordability, strong economy and warm weather.”

Editor’s Note: This content is made possible by the San Antonio Board of Realtors.