San Antonio’s July 2015 Market Stats Explained

A few days ago, the San Antonio Board Of Realtors released a statistics report concerning the city’s July 2015 home sales. This monthly report compares San Antonio’s July 2015 numbers with those gathered in July 2014. If you’ve kept up with previous reports, you know that the San Antonio real estate market has been showing amazing growth for some time! More families are moving to San Antonio, and more renters are becoming buyers and homeowners. In the last few years, the city has consistently seen more homes sold for better prices... which is good news for both buyers and sellers.

The 2015 summer months have been no exception for San Antonio’s fantastic real estate market. July counted 2,978 total home sales in the San Antonio-New Braunfels Metro area, a marked 18.6% increase from July 2014. The average price for a home in the metro area rose 4.7% to $240,469, and the median price increased 6.4% to $200K. Price per square foot went up 5.2% to rest at $118.

Mary Ann Jeffers, 2015 Chairman of the San Antonio Board of REALTORS®, commented that, “Our market this summer continues to outperform previous years.”

Most of the real estate transactions in July 2015 involved existing homes (as opposed to new construction). Out of the total sales listed previously, a whopping 2,642 of them fell into the category of “existing home” (showing a growth of 18.7% since last July). These existing homes sold for an average sale price of $231,371 (a 4.6% increase from July 2014). Similarly, the median price rose 6.4% to $280K. Price per square foot rose 5.6% to $102.

When it comes to the San Antonio area, the market has seen an increasing amount of buyers looking for brand new construction! This specific area of the market has seen significant growth over the past year. New home sales totaled 226, showing 17.5% growth in the past year. The average sale price rose 5.5% to $311,886, while the median price increased 4.8% to $280K. Price per square foot also rose 5.6% to $103.

The prices and statistics above reflect the San Antonio-New Braunfels metro area. But what about just Bexar County? Growth is certainly happening in this specific area as well! Home sales increased 14.3% in the past year for a total of 2,204 homes in July 2015. The average price was $230,489, an increase of 4.5%. The median price also increased 6% to $189k.

Not only are more homes being sold, they’re being sold faster than ever before! Days on the market dropped to 48 days in July (3 less than the state average), and months of inventory edged up just slightly from June at 4.1 months.

Sustained job growth, low interest rates, and a consistently improving San Antonio economy have contributed to these improving statistics. More families are able to move from renters to homeowners, adding to the success of the real estate market overall. In fact, WalletHub recently reported that San Antonio has the healthiest housing market Texas, and ranks 3rd overall in the US!

Texas as a whole is on the up and up in the real estate world! It was recently reported that 169,757 Texas homes were sold thus far in 2015, an increase of 5.8 % from last year (total dollar volume also rose 12.4%).

SABOR President and CEO Angela Shields explained that this isn’t surprising: “Not only is the San Antonio area reporting strong numbers, but the whole state has experienced immense growth as well...We continue to be one of the fastest growing states due to our affordability, strong economy and warm weather.”

About SABOR:

The San Antonio Board of REALTORS® is the largest professional trade organization in San Antonio and represents over 8,500 REALTOR® members. SABOR is one of over 1,600 local boards and 54 state and territory organizations of REALTORS® nationwide that make up the National Association of REALTORS® (NAR).

Pre-approval:An assessment given by the lender that investigates the borrower

Mortgage:A contract that represents the debt owed by the borrower to the lender for the money borrowed to purchase a property.

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