SABOR: San Antonio housing market hot

SAN ANTONIO – The local housing market is hot, according to San Antonio Board of Realtors (SABOR). The city saw a 17 percent increase in sales in 2013 when compared with 2012.

“With so many people moving into the city, more jobs have been created which has translated into economic growth and a rise in home sales and home prices,” noted Missy Stagers, 2014 Chairman of the Board for SABOR.

The keys to increased home sales lie in job growth, wage increases and affordable mortgage rates, Dr. Mark Dotzour, Chief Economist of the Real Estate Center at Texas A&M University shared.

The San Antonio population grew by nearly 1.5 percent in 2013. Additionally, San Antonio’s unemployment rate dropped to 5.6 percent in November 2013, a low compared to the national average of seven percent.

While higher interest rates and a dwindling supply of lots for new homes did take some of the momentum out of this sector of the industry, the new-home market continues to make significant strides, according to Jack Inselmann, regional director of the San Antonio office of Metrostudy.

Source: San Antonio Board of Realtors