Another new record is in the books for the San Antonio housing market. New data from HomesUSA.com shows that the average price of a newly built home in San Antonio reached $391,577 in June 2022, a record high for the area.
Among the state’s four major metro areas, Austin led this category, with the price of a newly built home at $541,079. In Dallas-Fort Worth, the average price surpassed $500,000 for the first time ever, reaching $501,327; Houston averaged $419,573.
“Despite all of the market challenges – from labor shortages to supply chain and delivery issues – Texas builders continue to show steadfastness and resilience in markets that still remain persistently strong,” says Ben Caballero, CEO of Dallas-based HomesUSA.com.
The average price for a new-construction home in San Antonio jumped 23.7 percent from last June to this June — the largest percentage increase among the state's four major metro areas. And from May 2022 to June 2022, the average price went up by 2.7 percent — the second largest increase.
Those numbers compare with:
- A 22.2 percent year-over-year jump in the average price of a newly built home in the Austin area, and a less than 1 percent month-over-month decrease.
- A 20.5 percent year-over-year jump in the average price of a newly built home in Dallas-Fort Worth, and a 3 percent month-over-month increase.
- An 11 percent year-over-year jump in the average price of a newly built home in the Houston area, and a less than 1 percent month-over-month increase.
Even amid escalating home prices, rising interest rates for mortgages, and nagging demands confronting homebuilders, Caballero believes construction of new homes in Texas will maintain a torrid pace.
“Due to its business-friendly environment, no personal income tax, and geographic location, I expect Texas to continue leading the nation in home starts,” he says. “The continuing migration from large population centers in the North, Northeast, and West Coast markets will cause those areas to experience a disproportionate share of the coming housing slowdown.”