Local Home Sales are as Hot as the Weather

The weather is hot, and so is the local housing market, News Radio 1200 WOAI reports.

The San Antonio Board of Realtors reported today that home sales jumped 6% in July over July of 2016, with 2,981 closings in the metro.

Prices continue to rise, with the average price of a home up 4% over the year to $257,000.  More than half of all the homes sold in the metro went for more than $200,000.  As recently as 2013, that figure was 40%.

The number of half million dollar listings is up to, with 5.1% of all metro homes selling for more than $500,000.

SABOR President and CEO Angela Shields says the 'For Sale' signs didn't stay up long, with the average home sold in 49 days.  The inventory is still a historic low of 3.4 months.

Economists say a six month inventory is a healthy market.

"Typically, inventory below six months favors sellers, while inventory between six to eight months is considered balanced," Shields said.  

July is usually the time when home closings start to taper off, because families want to be in their new home in time for the first day of school.  In July of 2016, for example, home sales were down 2% from the year before.

Shields pointed out that home prices are rising and inventory is tight all around the state, due to Texas' strong economy.  In Travis County, for example, the average price of a home rose 7.4% in July to $359,000.

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