Real Estate Rumblings
San Antonio ends scorching summer with double-digit climb in home prices
Summer is coming to a close, and San Antonio's real estate market had a scorcher of a season. In its August housing report, the San Antonio Board of Realtors revealed the Alamo City's marketplace is hot, hot, hot — beginning with a double-digit increase in the average price of a single-family home.
In August, the average price in the San Antonio area hit $309,970, a whopping 12 percent higher than the same time last year. The median price also grew to $259,600, a 9 percent increase over August 2019. Overall, the San Antonio metro sold 3,693 single-family homes last month, a 7 percent year-over-year jump.
“The newly released numbers show continued strength for our city and county. When compared to Travis, Harris, and Dallas Counties, Bexar County has shown the highest growth with 18,126 homes sold, a 6.2 percent increase year-to-date compared to last year's numbers,” said Kim Bragman, SABOR's 2020 chairman of the board, in the report.
Bragman went on to add that new residents are continuing to move to San Antonio from both inside and outside of Texas.
That demand for housing has led to a drop in the number of days on the market, one of the key indicators of a "balanced" market. Last month, the average home took 53 days to sell, a drop of two days from August 2019.
The market isn't showing signs of ebbing, even with a global pandemic and the fall slowdown that traditionally accompanies election years. New listings clocked in at 4,021 while pending sales in San Antonio sat at 3,431 homes as August closed.
San Antonio's real estate market echoes trends across many of the state's biggest metros. In July, Travis County saw double-digit growth in both home prices and sales. Harris County, meanwhile, boasted a record-setting July, and August saw the region's third consecutive month of positive sales, despite the pandemic. Dallas County also had an electric summer with a 25 percent increase in home sales in July.