Is Local Housing Market Finally Cooling Off?

posted by 1200 WOAI - 

For sale

If the region's red hot housing market finally beginning to cool down?

The San Antonio Board of Realtors reports the number of homes sold in Bexar County in June, usually among the busiest months of the year for home sales, was down slightly compared with June of 2017, following several years of routine month over month gains.

Home prices continue to rise, with the average price of a home sold in the eight county SABOR region up 6% in June to $273,000.  That means you can expect increasing property appraisals in 2019.

But SABOR Chair Lorena Pena says the price rises here are steady, not sharp jumps as are being seen in other major cities.

“We continue to see moderate increase in prices and sales this year,”Pena said. “While other states may see high jumps or low drops in sales figures, we are fortunate these numbers remain fairly steady here which is a good indicator of a stable market.”

For Sale signs are still coming down just as quickly as they are going up. The average home spent 51 days on the market, which is down from May.  3.6 months of inventory is available in the metro, down even more from May.  A six month inventory is considered a 'healthy' real estate market.

The rising prices are prompting more people to put their homes up for sale.  SABOR says the total number of listings in June was up to 4370.

In Texas, home sales in June decreased nearly one percent for a total of 33,004 homes sold. 

However, this is still nearly 600 more homes sold than in May. The average price of a home sold in the state during June was $303,358 and the median was $245,000, both 4.7 percent increases from last year. On average homes sold in 50 days for $129 per square foot.

Photo: Getty Images

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