San Antonio Home Sales on Track for Another Record Year
The San Antonio housing market is still on track for another record-breaking year after home sales — and home prices — continued to rise at a rapid clip in September.
Last month, 2,608 homes were sold in the San Antonio-New Braunfels metro area, a 9.4 percent increase from the same month in 2015, according to data from the San Antonio Board of Realtors. Sales have risen nearly every month for the last four years thanks to the local area's growing population and economy.
Low interest rates also help — the national average for a 30-year fixed-rate mortgage was 3.47 percent last week, down from 3.82 percent at this time last year, according to Freddie Mac.
The local market is set to break last year's record of 27,154 homes sold. About 22,600 homes have been sold so far this year, up from 21,000 as of September 2015.
The median sales price in September was $204,000, a 6.4 percent increase from the price of $191,700 in that month last year. Rising prices are a growing concern in San Antonio and other housing markets as high sales demand has increased the costs of property and labor.
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 — remained tight at 3.6 months in September, a notch above the record low of 3.5 set in January, according to the SABOR data. An inventory of six months indicates a balance between buyers and sellers; the last time the local market was at that level was in November 2012.