San Antonio’s housing industry is continuing to be a seller’s market due to a slight shortage in available homes.
San Antonio’s housing inventory remained low in February, with about 4.2 months worth of available homes remaining. Anytime that falls below 6 months it constitutes a seller’s market.
Missy Stagers, chairperson of SABOR, says the shift in the market is a reverse from previous years
“Back after the boom of 2006, 2007 and the [following] foreclosure market, we had a larger supply of houses than we actually had for demand,” Stagers said.
She said it’s still a good time to buy a home due to low interest rates, but the stock has gone down.
“Back when we had plenty of supply you may be able to [look at] 30, 50, 60 houses and now you may only look at ten houses to make that choice," Stagers said.
People listing their home over the past few months were able to sell in time and for at least 96 percent of their asking price -- many homes spent 2.5 months on the market. The average price of a home in the city rose about 4 percent to $204,000.
Last year in Texas, 33 percent of home buyers were first-time buyers with an average age of 31.