August 14, 2017
Total Home Sales Increase Six Percent Year-Over-Year in July, Prices Continue to Climb
San Antonio Board of REALTORS® Reports on Summer Housing Market Trends
San Antonio – Home sales in the San Antonio area continued their steady year-over-year growth with a total of 2,981 homes sold in July, a six percent increase from the same time last year according to the Multiple Listing Service Report from the San Antonio Board of REALTORS® (SABOR) which reports on all areas contained within the MLS. Just over half the homes sold last month were priced in the mid-range between $200,000 and $500,000 while homes priced under $200,000 made up nearly 43 percent of the homes sold. Homes priced over $500,000 accounted for 5.4 percent of the month’s sales, 31 more homes than this time last year.
“This is the fourth consecutive month that fifty percent or more of the homes sold have been in the mid-range of prices,” said Yvette Allen, SABOR’s 2017 Chairman of the Board. “However, despite the rise in home costs, buyers have not been deterred from the market and we continually see them take advantage of the low interest rates to get a little more house for their money.”
The average sales price of a home in July was $257,540, a moderate four percent increase from last year while the median inched up three percent year-over-year to $218,800. The price per square foot of a home rose five percent to $117 and days on market plummeted 11 percent to just 49 days. Months of inventory increased 0.1 months from June to 3.9 months in July.
Meanwhile, home prices around the state continued to climb as well. In nearby Travis County, the median price of a home rose 7.4 percent to $359,865 with just 3.2 months of inventory available; Harris County reported a median price of $215,000 with 4.1 months of inventory; and the median price of a home sold in Dallas County was $235,000 with just 2.4 months of inventory available. For comparison, the median price in Bexar County in July was $207,200 with 3.4 months of inventory.
“Typically, inventory below six months favors sellers while inventory between six to eight months is considered balanced. In the San Antonio area, we have remained under four months of inventory for the last two years and under six months for nearly five years,” said Angela Shields, SABOR’s President and CEO. “With a market that moves as quickly as this one often does, it’s important that those looking to buy a home work closely with a REALTOR® who can help them navigate the process and find the home that’s right for them.”
SABOR Multiple Listing Service Report: Home Sales Recap
|July 2015||July 2016||July 2017|
|Total Month Sales||2,908 (17% increase)||2,822 (2% decrease)||2,981 (6% increase)|
|Average Price||$239,222 (5% increase)||$246,472 (3% increase)||$257,540 (4% increase)|
|Median Price||$199,800 (7% increase)||$212,700 (6% increase)|
*Percentage increases are based on a year-over-year comparison.