S.A. home sales up last year — as were the prices.
Home sales in the San Antonio area rose nearly 5 percent in 2018 as prices climbed and the housing market tightened, figures released Tuesday show.
More than 32,000 homes in the region were sold last year, according to San Antonio Board of Realtors data — a 4.6 percent increase from 30,715 in 2017.
The median home price jumped 5.3 percent to $225,600 from $214,300 in 2017. Home prices in Bexar and surrounding counties have climbed about 25 percent in the past five years.
Meanwhile, inventory of available homes was tight last year, hovering between 3.2 months’ and 3.6 months’ worth of inventory, a statistic that measures how long it would take homebuyers to gobble up the number of houses currently on the market. Historically, six months’ worth of inventory is considered a healthy balance between buyers and sellers.
“Even though prices have risen, San Antonio’s housing market continues to be among the most affordable of the large cities in the state,” SABOR CEO Gilbert Gonzalez said in a news release. “That affordability combined with job growth across many industries like tech, medical and military make this a desirable place to buy and sell property.”
The city’s tight housing stock has sparked some concerns that the area doesn’t have enough houses for the more than 1 million residents expected to move to the region in the coming decades.
Nearly 321,000 homes were sold statewide in 2018, SABOR data shows, up 1.9 percent from 2017. The median home price climbed 4.4 percent to $235,000.