San Antonio-area home sales kept up their record pace in June, rising by 4.1 percent while housing prices jumped to a new all-time high, according to new data released Wednesday.
The San Antonio Board of Realtors said 3,177 homes changed hands last month and median prices rose by 4.7 percent to $222,000.
Total home sales so far this year now stand at 14,845, a 4 percent increased compared with the first six months of last year. The market is poised to eclipse last year’s record when more than 29,000 area homes were sold.
There is no reason to expect a “drastic change” in sales in the coming months, said Yvette Allen, chairman of the board.
“We’ve been consistent over the past few years, and month-over-month has continued to increase,” Allen said.
Sales of homes between $200,000 and $500,000 made up the majority of June transactions. Homes below $200,000 accounted for 41.4 percent of sales, while those above $500,000 accounted for 5.8 percent of the market, the trade group said.
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The home sales are spread out around the San Antonio, with no particular area standing out, Allen said.
“There’s not necessarily one area that’s just overwhelmingly beating out another area of town. We’re seeing so much activity on the northwest side of San Antonio — the 151, SeaWorld, Alamo Ranch, all that area. Downtown is huge for people wanting more of an urban lifestyle,” Allen said, adding that there is also strong demand for homes near military bases.
Inventory rose to 3.8 months, its highest point in nearly a year, indicating that the market is starting to loosen up. That’s still far below the six to seven months that is considered normal, Allen said. The inventory of homes, defined as the amount of time it would take to sell all homes currently on the market if no new homes were listed, has remained under four months since August 2015.
Allen said part of the reason for rising prices is because older buyers are willing to spend more.
“They might be downsizing in square footage, but not necessarily in perks, so to speak, or amenities,” Allen said. “We’re finding our empty-nesters wanting to go live downtown and enjoying that lifestyle, or moving into townhomes, condos that, like I said have nicer amenities but necessarily a lower price tag.”
Allen said she does not expect the possibility of rising interest rates caused by changes in Federal Reserve policy to impact the local housing market. The Federal Reserves’ Open Market Committee voted to raise its target federal fund rates in June, the second increase this year.
The area covered in the report is San Antonio’s Multiple Listing Service, which includes, among other communities, Boerne, New Braunfels and Poteet.