Median home price in San Antonio area surpasses $ 300,000 for the first time

The booming San Antonio area housing market broke records in October, with the median home price surpassing $ 300,000 for the first time.

Prices have soared during the coronavirus pandemic as families rush to take advantage of low mortgage rates and find more space amid a tight supply of available housing.

This prompted some potential buyers to wait until the frenzy subsides. While the market is still warm, there are signs that the pace is slowing down very slightly. Local sales were down 4.8% in October from a year ago, but up 16% from two years ago, according to the San Antonio Real Estate Board.

On ExpressNews.com: Home prices in the San Antonio area are close to $ 300,000; up more than 24% since the start of the pandemic

“In 2021, we saw different paces and patterns in home sales, but the market remained strong as the end of the year approached”, said the chairman of the board of directors of SABOR, Dear Miculka, in a statement.

Buyers from Bexar and surrounding counties bought 3,317 homes last month, with 99.5% of properties sold at the listed price.

The median price of a home climbed to $ 305,400 in October, an increase of 17.7% from the same month in 2020 and 29.6% from the same month in 2019. Homes fell in average 29 days on the market, compared to 49 days per year. since.

The area’s available housing inventory – measured by the average time it takes for a home to sell if no new homes are listed – slipped to 1.7 months. It was 1.8 months in August and September, 2.2 months in October 2020 and 3.7 months in October 2019.

Across Texas, sales fell 6.7% in October from a year earlier, and the median price jumped 16.6% to $ 314,900.

The local housing market has been on a roll during the pandemic.

It slowed down amid closures during the normally busy spring sales season, but then took off. Many buyers – who had started working from home and were no longer tied to commuting – decided to relocate, often in search of larger homes.

On ExpressNews.com: Postal codes of San Antonio where house prices have skyrocketed

The supply of homes for sale was already limited, but it has tightened further. Existing homeowners concerned about the pandemic or finding another property to move into have largely chosen to stay put.

The same patterns recurred in other cities across the state. But there are indications that sales and price growth are moderating, in part because some buyers are overpriced, said Luis Torres, research economist at Texas Real Estate Research Center at Texas A&M University recently.

The Real Estate Research Center expects strong demand, tight inventories and higher home prices to continue through the end of this year. But supply is expected to improve next year and mortgage rates could rise as well, which could affect demand, according to the center’s mid-year report in August.

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