Tag Archives: U.S. housing market

Hot! Hot! Hot! in San Antonio – Mid-Year Market Update 2017

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It’s not just the weather that’s got us burning up – the local market is also hot as ever! The housing market in San Antonio hit record sales in 2016 with almost 30k homes sold, an 8.2 percent increase. So how are things looking now?

It’s no surprise we’re still seeing a lot of New York and California plates all over town. San Antonio also leapt into the top 20 “markets to watch,” according to Urban Land Institute.

With the continued low cost of doing business as well as the low cost of living, especially compared to other metropolitan cities, San Antonio is holding strong as a highly appealing place to live. The prediction is San Antonio will continue to rise to the top. Median home prices in San Antonio are $198,000, compared to the national average of $231,000.

Just last month, 2,981 homes were sold in the San Antonio-New Braunfels metro area, according to our own San Antonio Express-News. This is a 5.6 percent increase from the previous year.

Home sales are in line with national averages, but the good news for San Antonio dwellers looking to buy, appreciation rates are not as high as other cities, making it more affordable to buy or build a new home.

We’ve also seen fixed mortgage rates in the entire U.S. hitting a new low in 2017. According to Freddie Mac News, 30-year fixed-rate mortgage (FRM) averaged 3.88 percent with an average 0.5 point for the week ending June 29, 2017. However, as the market is always fluctuating, you should do your own research to determine the best time to invest in a new home.

At Stone Creek Custom Homes, we are extremely proud to live and work in one of the best cities in the United States. We work closely with all of our customers to make sure they’re always getting the most bang for their buck, from the light fixtures to the foundation.

If you’re looking to build a custom home in this strong-as-ever market, give us a call at 210-494-5400 for a free consultation. You can also fill out our online form to request more information.

 

San Antonio Real Estate Market Update

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According to Home Buying Institute, 2015 was a strong year for the U.S. housing market, and the hope is that next year will be equally prolific. The belief is that home prices will rise more slowly in 2016 as a result of a supply and demand imbalance.

In terms of mortgage rates, the 30-year average has held steadfast at around 4% all year, although there are indications it’s on the rise and could be at 5% by end of 2016. This is good news for those who are selling before investing in a brand new custom home. However, if you’re looking to lock in a new mortgage at the lowest rate possible, it’s evident that you should do so quickly. Early bird catches the worm, as they say!

According to our esteemed SA Business Journal, “Home sales in San Antonio continue to blast through previously set milestones.” How long this will last is anyone’s guess. The SA Board of Realtor’s third quarter housing report revealed that this summer was one of the most active seasons in recorded history with the market experiencing an increase in sales price as well as volume.

Although the city of San Antonio is enjoying a moderate 5% growth, neighborhoods including Boerne, Terrell Hills, Leon Valley and Helotes increased 50% year-over-year. Kendall County, for example, reported a 44% increase in sales. We’re not surprised by this. Our Texas Hill Country clients love their new homes and are happy being away from all the city traffic and hubbub, while still being close enough to come into town for events and such.

Overall, home sales in San Antonio increased 11 percent compared to last year. We wouldn’t presume to make any predictions for the upcoming year, but our guess is San Antonio will continue to be an ideal place to live and build a home for this and a hundred more reasons!

If you’d like to explore your options, please give us a call at 210-494-5400. To be added to our private email list to receive the newsletter, please sign up here.