Real Estate Rumblings
San Antonio home sales are on the rise, bucking a nationwide trend brought on by the COVID-19 pandemic.
Last month, home sales in the San Antonio metro area jumped 14 percent over June 2019, according to data from the San Antonio Board of Realtors. By comparison, home sales across the country's top 50 biggest metro areas (San Antonio is currently No. 7) dropped an average 26.5 percent year-over-year, according to data from Realtor.com.
The Alamo City also saw increases in both median and average home prices. The median home price now sits at $251,700, a 5 percent increase over last year, while the average price clocks in at $292,290, a 3 percent bump from June 2019.
"The increasing sales numbers display a positive outlook for the housing market in San Antonio and surrounding area, which means we can expect that the remainder of the summer will follow a similar pattern of positive sales," said Kim Bragman, SABOR'S 2020 Chairman of the Board, in a release. "The expansive area of San Antonio, in addition, helps offer a spectrum of homes that also may keep the numbers stable."
Indeed, it is a nationwide lack of housing inventory that Realtor.com says is the cause of the overall dramatic drop. With people hesitant to move in the middle of a pandemic, buyers are forced into a seller's market, one with limited inventory and higher prices.
San Antonio, at least according to SABOR's data, hasn't seen the loss in housing inventory that other major metro areas, including Austin, Dallas, and Houston, have witnessed over the past few months. In June, the number of days a home spent on the market in Bexar County actually increased 11 percent to 59 days. It was the only one of Texas' four major metro areas to do so. In a "balanced" market, homes typically spend three to six months on the market before being sold.
Throughout the first half of 2020, residential real estate in the San Antonio metro area remained relatively stable. Year-to-date, the average home price increased 5 percent to $278,395, a relatively normal rise. Likewise, Realtor.com reports that the nation's median listing price was $342,000, up 5.1 percent year-over-year. Overall, 46 of the 50 biggest cities in the U.S. saw an increase in listing prices last month.