San Antonio home building spiraling up

SAN ANTONIO – According to Metrostudy, the San Antonio home building sector posted an increase in home starts for the fifth consecutive quarter. During third quarter 2012, builders started 2,245 single-family homes — a nearly 24 percent jump compared with the same period in 2011 when there were 1,817 home starts.

On an annual basis, builders have started 7,792 homes, a 14 percent jump from 6,838 starts recorded at the same time last year. Housing inventory also grew to 4,215, a 6.9-month supply.

The number of developed vacant lots continues to fall, with the 3Q 2012 figure down from 18,995 a year ago to 16,694. That’s nearly 26 months of supply.

Sales are up around the city as closings totaled 2,175, an 11 percent rise from 3Q 2011. The median price of a new home has grown on a year-over-year basis to $207,000, a 3.5 percent increase from last year.

Read more at the San Antonio Express-News.