USREOP Member Toni Smart, San Antonio Market Update

San Antonio-area home sales declined slightly in July, breaking a growth streak that lasted more than two years, while prices continued to rise.

Last month, 2,850 homes were sold in the local area, a 2 percent decrease from the year before, according to data from the San Antonio Board of Realtors. Year-over-year sales have steadily risen every month since May 2014, when they dropped by 5.6 percent, breaking another two-year growth streak.

The local housing market is still on track for another record sales year, with 17,124 homes sold so far in 2016, up from 16,116 in July 2015. Last year, the market set a record with a total of 27,154 homes sold.

And the market remains a seller’s market. The inventory of available homes — measured by the average time it takes for a home on the market to be sold if no new homes are listed — was at 3.9 months in July, the same as in June, according to the SABOR data. An inventory of six months indicates a balance between buyers and sellers.

The median price of a home in the area was $211,900 last month, up 6.1 percent from July of last year. In June, the median sales price reached a record high of $212,500.