San Antonio rain puddles pent-up housing demand: MetrostudySan Antonio rain puddles pent-up housing demand: Metrostudyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=1752015-08-11T11:44:00Z2015-08-11T07:00:00Z

SAN ANTONIO - The San Antonio housing market ended second quarter 2015 on a strong note — posting double-digit increases in the number of new-home closings, according to the latest report by the San Antonio office of Metrostudy.

The construction numbers, however, could have been better.

On the closings side, a total of 9,319 new homes were purchased between second quarter 2014 and 2015 — a 13 percent increase a year ago.

During 2Q 2015 alone, 2,511 new homes were sold in the greater San Antonio area — a 24 percent increase over the 2,030 homes sold during 2Q 2014.

“The San Antonio home building industry continued its good pace of new-home activity during the second quarter of 2015,” stated Jack Inselmann, director of Metrostudy’s San Antonio region.

It was a different story on the construction side. But unlike a few years ago — when uncertainty and financial constraints were holding the market back — this time around the culprit is Mother Nature herself with rain, lots of rain.

Between the 2Q 2014 and 2015, construction began on 9,431 new homes — a modest 10 percent increase over the 8,555 new-home starts reported a year ago, and a mere 1 percent uptick from the 9,343 homes started between 1Q 2014 and 2015.

Rain delays aside, it’s been a good six months. The housing market ended 2014 reporting 8,560 new-home closings. Six months later, that number was up another 751 closings.

Now multiply that number by the average new-home price of around $300,000.

“That’s $271 million in business,” Inselmann said. “We’re closing more houses, that makes everyone happy. “It’s been a pretty good six months,” he added.

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