A slight dip in home sales isn't stopping the upward spiral of housing prices in metro San Antonio, News Radio 1200 WOAI reports.
The San Antonio Board of Realtors reported today that despite a two percent drop in home sales in April compared with April of 2016, the average price of a home sold last month jumped by 8%, and for the first time ever, the average price of a home in the metro, based on home sales, is over a quarter million dollars.
Also, for the first time, half of all homes sold went for more than $200,000, with a big jump in listings over a half million dollars, and 18 homes sold last month for more than $1 million.
SABOR Chair Yvette Allen says the spring and early summer selling season, the heaviest home selling season of the year, is shaping up to be big.
"Though home sales experienced a small decrease, we saw 3,783 new listings come on the market last month, with 8,845 listings active, the highest all year," Allen said.
The early summer is the strongest time of the year for home buying, because families like to get settled into their new home before the school year starts.
"Prospective buyers looking to move this summer should prepare by seeking preapproval for a lender," Allen said. "They also need to be ready to get a decision quickly."
She says homes spent just 59 days on the maket in April.As a stark indication of the rising price of homes, the median price of homes sold in April, the point where half of all homes sold for more and half sold for less, jumped 8% in April over April of 2016 to $125,000.