Nationwide, the housing market is still very strong, with new home and existing home sales being consistently steady all year. Now that we’re hitting the mid-way point, we thought we’d check in and see just where we’re at, both nationwide and in San Antonio. Here are some highlights:
- U.S. existing home sales just hit a 9-year high, according to CNBC. Chief economist, Mark Fleming, says the property market is close to its full potential.
- Unfortunately, new home sales dropped 6% in May, but we’re thankfully not seeing those same numbers in San Antonio.
- The National Association of Realtors just released that the median national home price across America just hit $239,700 for homes sold in May, which is the highest since they began tracking it in 1968. The state of the housing market indicates that while the market is recovering nicely, the biggest hurdle is housing affordability. Those in the Midwest are seeing more affordable housing markets due to supply, but not surprisingly, housing costs in areas like Orange County are rising faster than a runaway bull. We are also seeing markets across Texas exceeding peaks from 2006. Can you guess which ones? As suspected, it’s Dallas and Austin, and that’s because in Texas we didn’t see home prices fall as far during the crash.
- According to the San Antonio Board of Realtors, we are still one of the nation’s most affordable large metropolitan area home sales markets. Chairman Bob Jacobs recently said, “Our average and median sales prices continue to see some growth each month, but at a manageable pace that keeps our city affordable and stable. We expect this trend to continue throughout the summer.”
- Good news for home buyers! The average sales price data indicates a slight slowing down in the dramatic price increases chalked up in 2015 (10%) and 2014 (4%). If the trend continues until July, end of the home sales high season, it might be an indicator that San Antonio’s long seller’s market may be ebbing.
We’re incredibly grateful to live and work in the San Antonio area! If you don’t and would like to, consider a custom home designed specifically for you and your family. Our focus is on providing impeccable customer service and quality. We care about bringing your dreams to life! Call us at 210-494-5400 for a consultation. If you wish to be added to our private email list for our newsletter, please sign up here.