San Antonio – As the summer is heating up, so is the San Antonio area housing market. May reported 2,807 homes sold in the area, a 10 percent year-over-year increase according to the Multiple Listing Service Report from the San Antonio Board of REALTORS® (SABOR) which reports on all areas contained within the MLS. Both average and median sales prices experienced moderate growth with the average price increasing two percent to $249,024 and the median edging up three percent to $208,700. These prices still remain well below the state’s average price of $271,213 and median price of $217,000.
“Our average and median sales prices continue to see some growth each month, but at a manageable pace that keeps our city affordable and stable,” said Bob Jacobs, SABOR’s 2016 Chairman of the Board. “We expect this trend to continue throughout the summer.”
In the San Antonio area, homes priced under $200,000 made up 46.9 percent of the homes sold in May. Homes priced between $200,000 and $500,000 accounted for 47.6 percent of the homes sold and homes priced over $500,000 made up 5.5 percent of the market. The largest share of homes last month were priced between $200,000 and $250,000 which made up 18 percent of the market. A total of 15 homes sold were priced over one million dollars.
Homes in Bexar County sold for an average price of $234,778 in May while spending just 47 days on the market. Of the 2,065 homes sold in the county last month, 1,792 were existing homes while 273 were new construction.
“Summer is always a popular time to buy and sell as kids are out of school and people often have more flexibility to make a big move,” said Angela Shields, SABOR’s President and CEO. “With interest rates remaining low and thousands of new listings coming on the market each month, there is something for everyone.”
Around Texas, sales and prices experienced moderate growth as well. A total of 28,613 homes were sold during the month with a median price of $217,000, a 5.9 percent increase from the previous year. Homes in the state averaged 53 days on market with inventory at just 3.6 months.
About SABOR:The San Antonio Board of REALTORS® is the largest professional trade association in San Antonio and represents over 9,500 REALTOR® members. SABOR’s membership services nine counties including Bexar, Atascosa, Frio, Karnes, Kendall, LaSalle, McMullen, Medina and Wilson. SABOR is one of over 1,200 local boards and 54 state and territory organizations of REALTORS® nationwide that make up the National Association of REALTORS® (NAR).