Higher prices aren't deterring buyers, as the San Antonio housing market boomed in June, which is usually the busiest month for home sales, News Radio 1200 WOAI reports.
The 3177 homes closed in the metro in June is a four percent increase over JUne of 2016, according to Yvette Allen, the Chair of the San Antonio Board of Realtors.
“Our local market consistently outperforms last year’s, putting the San Antonio area on track for another record-breaking year,” Allen said. “Though prices have increased, they are still generally lower than those in other major Texas metros. This affordability combined with so many jobs relocating here as well as our booming tech, medical and military industries help San Antonio maintain its popularity among buyers."
The median price point for a home sold in the metro continues to soar, up to $222,000 in June. It was only recently that the median pushed ahead of the $200,000 mark. The average price of a home sold in June was more than a quarter million dollars.
The percentage of homes over $200,000 now make up nearly six in ten homes sold, and the percentage of homes sold over $500,000 is also growing, to about 6%.
The local housing market does not appear to have been hurt by rising interest rates, as the inventory available is just 3.8 months, with six months being considered an 'average' housing market.
“This continues to be a hot market, and homes can sell quickly. For buyers interested in purchasing a home this summer, they can prepare by identifying their must-haves in a home, getting pre-approved and working closely with their REALTOR®,” said Angela Shields, SABOR’s President and CEO.