San Antonio Home Sales Numbers Surged Again in February
Following an 11% increase in home sales in January, San Antonio home sales activity continued to strengthen in February
The number of single family homes sold in the San Antonio area in February was up 14%, compared to February 2023 with 2,697 homes sold, as reported by the San Antonio Board of REALTORS (SABOR) Multiple Listing Service Report.
Average and Median Home Prices – Despite the increase in the number of homes sold, the average price of homes sold in the San Antonio was 3% lower than February 2023. The average price of a home sold in the San Antonio area in February was $348,961. The median price homes sold for in February was $295,000, a 3% decrease compared to one year ago.
Average sold price per square foot in February was $173, which was 1%, lower than the average price per square foot in February 2023. Broken down between existing homes and new construction, existing homes sold for an average of $174 per square foot and new construction homes sold for an average of $170 per square foot in February.
Days on Market – Single family homes in the San Antonio area stayed on the market for an average of 80 days in February which was 11% eleven percent longer than in February 2023.
List Price to Sales Price Ratio – On average, homes sold for 93.1% of their original list price in February. This is up slightly from the average of 92.6% of their original list price that homes sold for in January.
Condominium and Townhomes – The number of Condominium and townhomes sold in February was 33% lower than one year ago with a total of 35 units sold. The average sold price of condos and townhomes, at $273,634 was 12% twelve percent higher than in February 2023.. Condominiums and townhomes stayed on the market for an average of 57 days in February, which was 8% eight percent less time than condos stayed on the market in February 2023.
Housing Inventory – At the end of February, there were approximately 4.3 months of inventory available for sale in the San Antonio area, so we are moving to a more balanced market. In February there were 4,011 new listings and of those, 2881 were resale homes and 1,130 were new construction. There were a total amount 11,974 homes on the market. The total number of new construction home listings at 4,120 was 6% higher than in February 2023.
New Home Sales Data – One of the most interesting trends over the past year is the increase in new home sales. The number of new construction homes sold in February was 39% higher year over year. The San Antonio new construction market has risen to meet the needs of homebuyers by increasing inventory, building more homes in the price ranges that buyers are looking for and by offering pricing and financing promotions that have helped home buyers to get into homes.
In the San Antonio area we are fortunate to have a wide range of new construction homes available and currently many home builders are offering promotional pricing, closing costs assistance and interest rate buy downs to help home buyers to get into a home. If you would like to learn more about new construction homes, you can easily search for available and to be built new construction homes and communities at https://www.showingnew.com/trudyedwards.
If you are home buyer, looking to get into a new home, but have concerns about interest rates and home affordability, here are a few things to consider. there are still lots of options available to help you get into a home such as low down payment mortgage programs, builder promotions, down payment assistance programs and creative financing strategies available to help home buyers get into a home with a more affordable monthly payment.
If you would like to learn more about down payment assistance programs and available options, contact your trusted mortgage lender or reach out to me for more information and recommendations for local lenders that can help match you to the best lending options for you.
Even if you are not quite ready to buy right now, if it’s your goal to buy a home this year, you can take steps to buying your first home and building generational wealth, by setting your goals, making a plan, taking steps to manage your finances, improving your credit and staying informed so that you’ll be ready to move forward when the opportunity arises.
If you want to make a move but have a home to sell before you can buy your next home, I have lots of options to help you sell your home with less stress and more money in your pocket!
A lot of homeowners today are sitting on tremendous home equity. But some homeowners have not been able to access that equity to make needed home repairs. Perhaps you have been putting off selling your home because you haven’t been able to make the repairs or cosmetic updates that would make your home desirable to the biggest pool of buyers. I can help you with that! Contact me today for a no obligation home seller consultation and we can review your options, including making home improvements with no upfront costs, payment at closing.
Whether you are thinking of buying a new construction home, buying your first home, or selling your your current home, it pays to work with a trusted real estate professional with local market insights. If you are ready to make your next move in the San Antonio area, reach out today for a no obligation home buyer or seller consultation with Trudy Edwards, REALTOR with Keller Williams Heritage.
Browse San Antonio area new construction homes and floorplans at ShowingNew.com/TrudyEdwards
** Percentage increases are based on a year-over-year comparison of February 2024 in comparison with February 2023. San Antonio market data provided by San Antonio Board of REALTORs
San Antonio Home Sales Numbers Surged Again in February
Following an 11% increase in home sales in January, San Antonio home sales activity continued to strengthen in February
The number of single family homes sold in the San Antonio area in February was up 14%, compared to February 2023 with 2,697 homes sold, as reported by the San Antonio Board of REALTORS (SABOR) Multiple Listing Service Report.
Average and Median Home Prices – Despite the increase in the number of homes sold, the average price of homes sold in the San Antonio was 3% lower than February 2023. The average price of a home sold in the San Antonio area in February was $348,961. The median price homes sold for in February was $295,000, a 3% decrease compared to one year ago.
Average sold price per square foot in February was $173, which was 1%, lower than the average price per square foot in February 2023. Broken down between existing homes and new construction, existing homes sold for an average of $174 per square foot and new construction homes sold for an average of $170 per square foot in February.
Days on Market – Single family homes in the San Antonio area stayed on the market for an average of 80 days in February which was 11% eleven percent longer than in February 2023.
List Price to Sales Price Ratio – On average, homes sold for 93.1% of their original list price in February. This is up slightly from the average of 92.6% of their original list price that homes sold for in January.
Condominium and Townhomes – The number of Condominium and townhomes sold in February was 33% lower than one year ago with a total of 35 units sold. The average sold price of condos and townhomes, at $273,634 was 12% twelve percent higher than in February 2023.. Condominiums and townhomes stayed on the market for an average of 57 days in February, which was 8% eight percent less time than condos stayed on the market in February 2023.
Housing Inventory – At the end of February, there were approximately 4.3 months of inventory available for sale in the San Antonio area, so we are moving to a more balanced market. In February there were 4,011 new listings and of those, 2881 were resale homes and 1,130 were new construction. There were a total amount 11,974 homes on the market. The total number of new construction home listings at 4,120 was 6% higher than in February 2023.
New Home Sales Data – One of the most interesting trends over the past year is the increase in new home sales. The number of new construction homes sold in February was 39% higher year over year. The San Antonio new construction market has risen to meet the needs of homebuyers by increasing inventory, building more homes in the price ranges that buyers are looking for and by offering pricing and financing promotions that have helped home buyers to get into homes.
In the San Antonio area we are fortunate to have a wide range of new construction homes available and currently many home builders are offering promotional pricing, closing costs assistance and interest rate buy downs to help home buyers to get into a home. If you would like to learn more about new construction homes, you can easily search for available and to be built new construction homes and communities at https://www.showingnew.com/trudyedwards.
If you are home buyer, looking to get into a new home, but have concerns about interest rates and home affordability, here are a few things to consider. there are still lots of options available to help you get into a home such as low down payment mortgage programs, builder promotions, down payment assistance programs and creative financing strategies available to help home buyers get into a home with a more affordable monthly payment.
If you would like to learn more about down payment assistance programs and available options, contact your trusted mortgage lender or reach out to me for more information and recommendations for local lenders that can help match you to the best lending options for you.
Even if you are not quite ready to buy right now, if it’s your goal to buy a home this year, you can take steps to buying your first home and building generational wealth, by setting your goals, making a plan, taking steps to manage your finances, improving your credit and staying informed so that you’ll be ready to move forward when the opportunity arises.
If you want to make a move but have a home to sell before you can buy your next home, I have lots of options to help you sell your home with less stress and more money in your pocket!
A lot of homeowners today are sitting on tremendous home equity. But some homeowners have not been able to access that equity to make needed home repairs. Perhaps you have been putting off selling your home because you haven’t been able to make the repairs or cosmetic updates that would make your home desirable to the biggest pool of buyers. I can help you with that! Contact me today for a no obligation home seller consultation and we can review your options, including making home improvements with no upfront costs, payment at closing.
Whether you are thinking of buying a new construction home, buying your first home, or selling your your current home, it pays to work with a trusted real estate professional with local market insights. If you are ready to make your next move in the San Antonio area, reach out today for a no obligation home buyer or seller consultation with Trudy Edwards, REALTOR with Keller Williams Heritage.
Browse San Antonio area new construction homes and floorplans at ShowingNew.com/TrudyEdwards
** Percentage increases are based on a year-over-year comparison of February 2024 in com
New Homes Continued to Boost San Antonio Market in December
Here is my latest San Antonio area real estate market update with the local real estate news you need to know, including the December 2023 year end real estate sales data and trends for the year ahead.
San Antonio homes sales were in December were down 3%, compared to December 2022 with 2,410 homes sold, as reported by the latest San Antonio Board of REALTORS (SABOR) Multiple Listing Service Report. However, breaking that down further, SABOR reported that while sales of resale homes were down by 10% year over year in December, sales of new construction homes were actually up by 29% when compared to December 2022.
Average and Median Home Prices – Despite the decrease in the number of homes sold in December, the average and median prices of homes sold in the San Antonio area were effectively unchanged year over year. The average price of a home sold in the San Antonio area in December was $373,797. The median price homes sold for in December was $319,113.
Average sold price per square foot in December was $177, which was unchanged from the average price per square foot in December 2022.
Days on Market – Single family homes in the San Antonio area stayed on the market for an average of 73 days in December, which was 20% twenty percent longer than in December 2022.
List Price to Sales Price Ratio – On average, homes sold for 92.7% ninety two point seven percent of their original list price in December.
Condominium and Townhomes – The number of Condominium and townhomes sold in December was unchanged from one year ago with 41 units sold. The average sold price of condos and townhomes, at $251,314 was 24% twenty four percent lower than in December 2022. Condominiums and townhomes stayed on the market for an average of 63 days in December, which was 40% longer than condos stayed on the market in December 2022.
Housing Inventory – At the end of December, there were approximately 4.3 months of inventory available for sale in the San Antonio area, so we are moving to a more balanced market. In December there were 2,771 new listings and of those, 1692 were resale homes and 1079 were new construction. The amount of new construction home listings was 55% higher than in December 2022.
New Construction Home Sales – One of the most interesting trends over the past year is the increase in new home sales. At the end of December 2023 the number of resale homes that sold in the San Antonio area for the whole year of 2023 was 23% lower than in 2022. However, at the end of 2023, the number of new construction homes sold was 39% higher year over year. The San Antonio new construction market has risen to meet the needs of homebuyers by increasing inventory, building more homes in the price ranges that buyers are looking for and by offering pricing and financing promotions that have helped home buyers to get into homes.
Interest Rates – In October 2023, the average rate for a 30-year fixed mortgage rate peaked at 7.79%. In January, that dipped to around 6.6% which was the lowest level since May of 2023. That downward trend in rates has made moving more affordable now than it was just a few months ago.
“Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market.”
Sam Khater, Chief Economist at Freddie Mac:
Experts are predicting that interest rates will continue gradually decreasing over the next few months. Dean Baker, Senior Economist, Center for Economic Research, recently remarked “It also appears that mortgage rates are now falling again. They will almost certainly not fall to pandemic lows, although we may soon see rates under 6.0 percent, which would be low by pre-Great Recession standards.”
If you are a home buyer contemplating a move but have concerns about high interest rates and home affordability, here are a few things to consider.
Experts are predicting that interest rates will continue gradually decreasing over the next few months. Dean Baker, Senior Economist, Center for Economic Research, recently remarked “It also appears that mortgage rates are now falling again. They will almost certainly not fall to pandemic lows, although we may soon see rates under 6.0 percent”
If you are home buyer, looking to get into a new home, there are still lots of options to help you reach that goal, including mortgage programs, builder promotions, down payment assistance programs and creative financing strategies available to help home buyers get into a home with a more affordable monthly payment. If you would like to learn more about down payment assistance programs and available options, contact your trusted mortgage lender or reach out to me for more information and recommendations for local lenders that can help match you to the best lending options for you.
One area of opportunity for home buyers right now is with new construction home as we are fortunate to have a wide range of new construction homes available rhroughout the San Antonio area and currently many home builders are offering promotional pricing, closing cost assistance and interest rate buy downs to help home buyers to get into a home. If you would like to learn more about new construction homes, you can easily search for available and to be built new construction homes and communities at https://www.showingnew.com/trudyedwards.
Even if you are not quite ready to buy right now, if it’s your goal to buy a home this year, you can take steps to buying your first home and building generational wealth, by setting your goals, making a plan, taking steps to manage your finances, improving your credit and staying informed so that you’ll be ready to move forward when the opportunity arises.
If it’s your goal to make a move in the San Antonio area and you’d like to talk more about the steps to help you reach that goal, reach out today for a no obligation home buyer or seller consultation with Trudy Edwards, REALTOR with Keller Williams Heritage.
New Construction Homes in San Antonio Boosted Inventory and Sales in July
While July is often one of the busiest months for home sales, the number of single-family homes that sold in the San Antonio area in July was down 6% from the number of homes sold in July 2022 with 3,105 homes sold.
Average and Median Home Prices – However, the average price of a single family home sold in the San Antonio area in July, at $387,501 was the almost the same as the average price of a home that sold in July 2022 according to the Multiple Listing Service Report from the San Antonio Board of REALTORS. The median price homes sold for in July was $323,000 , which is a 2% decline compared to the July 2022 median price.
Average Price Per Square Foot – Average sold price per square foot in July was $182, which was 2% lower than one year ago. Breaking that down further single family existing homes, sold for an average of $182 per square foot, which was a 1% decrease compared to last year. Single family new construction homes also sold for an average of $182, which was 6% six percent lower than the average sold price per square foot that new construction homes sold for in July 2022. Single family homes in the San Antonio area stayed on the market for an average of 57 days in July which was 104% longer than in July 2022. On average, homes sold for 95.3% of their original list price in July, which was up slightly from the average of 95% of sales price in June.
Condominiums and Town Homes – The number of Condominium and townhomes sold in July was 1% higher than July 2022 with 81 units sold. The average sold price of condos and townhomes, at $254,294, was 4% higher than in July 2022. Condominiums and townhomes stayed on the market for an average of 61 days in July, which was 281% longer than the 15 days that condos stayed on the market in July 2022.
Housing Inventory – At the end of July there were approximately 3.8 months of inventory available for sale in the San Antonio area. The number of new listings was down by 17% seventeen percent in July, with only 4,258 new listings. There were 2,464 homes under contract at the end of June, which was down 18% from July 2022. At the end of July there were a total of 10,964 homes on the market in the San Antonio area, which was 25% higher than one year ago.
New Construction Homes – Over one third of the single family homes that went under contract in the San Antonio area in July were new construction homes, with 924 of the pending sales. San Antonio area builders have been taking action to help improve buyer affordability and increase sales by offering promotions such as special pricing and incentives such as promotional interest rates and rate buydowns. We are very fortunate in the San Antonio area, to have a large number of local and national home builders in our area, offering a wide range housing opportunities across a broad spectrum of areass and price ranges from multi-story town homes in the downtown area, afffordable two bedroom, no garage homes, to luxurious estate homes in master planned communities. New construction homes also have the added benefits of improved energy efficiency compared to many existing homes.
Whether you are thinking of buying a new construction home, buying your first home, or selling your your current home, it pays to work with a trusted real estate professional with local market insights. If you are ready to make your next move in the San Antonio area, reach out today for a no obligation home buyer or seller consultation with Trudy Edwards, REALTOR with Keller Williams Heritage.
Browse San Antonio area new construction homes and floorplans at ShowingNew.com/TrudyEdwards
** Percentage increases are based on a year-over-year comparison of July 2023 in comparison with July 2022. San Antonio market data provided by San Antonio Board of REALTORs.
More Jobs and Better Pay Leading to More Buyer Demand
There’s been talk about a recession for quite a while now. But the economy has been remarkably resilient. Why?
One reason is employment and wages have stayed strong. Let’s look at the latest information on each one and why both are good news if you’re thinking about selling your house.
More Jobs Are Being Created
Instead of facing the job losses typical of any recession, the economy has been growing and adding jobs. According to the Bureau of Labor Statistics (BLS), 187,000 jobs were created in July, which is up from the 185,000 created in June. That means more people are finding work. In fact, so many jobs are being added that the unemployment rate is far lower than the long-term average of 5.7% (see graph below):
A low unemployment rate means that most people who want to work are finding jobs. When people have jobs, they have steady incomes – and that can help set them up to consider homeownership.
People Are Making More Money
And data also shows hourly earnings have been going up pretty steadily over the past few years (see graph below):
When wages rise, people have more money that they could save or use toward buying a home. This increase in income helps offset some of the affordability challenges in the housing market today. Affordability depends on three main factors: wages, home prices, and mortgage rates. With higher home prices and mortgage rates right now, Builder Online summarizes how growing wages can help:
“The housing market has been a beneficiary of the strong economy and labor market. Many of those employed have saved money over the past few years and used those funds toward a down payment on a home.”
If you’re thinking about selling your house, a strong job market, growing wages, and the resulting buyer demand is fantastic news. It means there’s a larger pool of potential buyers out there who are in a position to pursue their dreams of homeownership.
Bottom Line
With more jobs and rising wages creating eager buyers, there’s a lot going in your favor. Let’s connect so you have someone who can guide you through the process of selling your house, from setting the right price to getting your home ready to show.
How Inflation Affects Mortgage Rates
When you read about the housing market in the news, you might see something about a recent decision made by the Federal Reserve (the Fed). But how does this decision affect you and your plans to buy a home? Here’s what you need to know.
The Fed is trying hard to reduce inflation. And even though there’s been 12 straight months where inflation has cooled (see graph below), the most recent data shows it’s still higher than the Fed’s target of 2%:
While you may have been hoping the Fed would stop their hikes since they’re making progress on their goal of bringing down inflation, they don’t want to stop too soon, and risk inflation climbing back up as a result. Because of this, the Fed decided to increase the Federal Funds Rate again last week. As Jerome Powell, Chairman of the Fed, says:
“We remain committed to bringing inflation back to our 2 percent goal and to keeping longer-term inflation expectations well anchored.”
Greg McBride, Senior VP, and Chief Financial Analyst at Bankrate, explains how high inflation and a strong economy play into the Fed’s recent decision:
“Inflation remains stubbornly high. The economy has been remarkably resilient, the labor market is still robust, but that may be contributing to the stubbornly high inflation. So, Fed has to pump the brakes a bit more.”
Even though a Federal Fund Rate hike by the Fed doesn’t directly dictate what happens with mortgage rates, it does have an impact. As a recent article from Fortune says:
“The federal funds rate is an interest rate that banks charge other banks when they lend one another money . . . When inflation is running high, the Fed will increase rates to increase the cost of borrowing and slow down the economy. When it’s too low, they’ll lower rates to stimulate the economy and get things moving again.”
How All of This Affects You
In the simplest sense, when inflation is high, mortgage rates are also high. But, if the Fed succeeds in bringing down inflation, it could ultimately lead to lower mortgage rates, making it more affordable for you to buy a home.
This graph helps illustrate that point by showing that when inflation decreases, mortgage rates typically go down, too (see graph below):
As the data above shows, inflation (shown in the blue trend line) is slowly coming down and, based on historical trends, mortgage rates (shown in the green trend line) are likely to follow. McBride says this about the future of mortgage rates:
“With the backdrop of easing inflation pressures, we should see more consistent declines in mortgage rates as the year progresses, particularly if the economy and labor market slow noticeably.”
Bottom Line
What happens to mortgage rates depends on inflation. If inflation cools down, mortgage rates should go down too. If you’re thinking of making a move in the San Antonio area, let’s talk so you can get expert advice on housing market changes and what they mean for you.