Tight fittin'? San Antonio tightest housing market in decadeTight fittin'? San Antonio tightest housing market in decadehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=12432015-04-20T13:22:00Z2015-04-20T00:00:00Z

SAN ANTONIO - A limited supply of homes for sale is creating a lopsided sellers’ market. San Antonio’s inventory has remained steady at 3.6 months since December.

It is the lowest mark since the Real Estate Center at Texas A&M University began keeping track in 1990.

Even when inventory dipped below four months in the years leading up to the financial crisis of 2007–08, it only reached 3.8 months, and that was only for one month, December 2005.

Most of the action is in the $200,000-and-under range, which accounted for 55.7 percent of existing home sales in February, data compiled by the San Antonio Board of Realtors (SABOR) show.

The median price of existing homes in February was $185,800, a 9.4 percent increase from February 2014. Yet, year-over-year sales for the same month were up considerably, from 1,509 to 1,724 — a 14.2 percent increase.

Mark Dotzour, Chief Economist at the Texas A&M Real Estate Center, and other experts attribute the low inventory of existing homes to a flat market in home construction.

Earlier this year, a leading San Antonio analyst of the new home market calculated San Antonio would see some 9,200 homes being built, about the same delivered in 2014 — there were 25,543 existing home sales in 2014.

In short, builders say, constructing new homes is becoming more expensive. The number of starter homes is dwindling — in San Antonio in 2014, fewer than 500 homes priced at $150,000 were built. Builders say they cannot make a profit at that price.

See March 2015 home sales from SABOR.

San Antonio Express-News
San Antonio-New Braunfels
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