Name: San Antonio buyers grappling with tight supply of homes
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San Antonio buyers grappling with tight supply of homes

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The San Antonio-area housing market continued its hot streak in August as prices rose and house hunters faced a shrinking supply of available homes.Buyers in Bexar County and surrounding counties closed on 3,693 homes last month, an increase of just over 7 percent from the same period last year, the San Antonio Board of Realtors reported Monday.The median price jumped 9.4 percent to $259,600. Nearly 70 percent of the houses sold in August were priced between $200,000 and $499,000, with 22.2 percent costing under $200,000 and 8.2 percent costing over $500,000.“New residents are moving into the area from other Texas counties and from out of state, and our Realtors are doing a great job showing all of the amazing features that San Antonio has to offer when it comes to home ownership,” said SABOR board chairman Kim Bragman.The region’s housing supply has been cramped for a while, but it has continued tightening amid the pandemic as sales and prices rise and listings fall.Listings were down nearly 30 percent compared with the same month last year and inventory fell to a mere 2.4 months. Six months typically indicates a balance between buyers and sellers.With such a tight supply, homes are being snatched up before being listed, and prospective buyers are finding themselves in bidding wars.Philip Becker, founder of Becker Properties, said his last three properties for sale were purchased before being officially listed.“The pent-up demand is absolutely coming through,” he said. “We’re in desperate need of inventory. It’s almost a frenzy right now.”As buyers adjust to working from home, they’re seeking pools and space for home offices or gyms. That includes Becker himself: with amenities at the downtown condominium development where he and his fiancé live restricted or closed, he said they’re planning to move back to the suburbs soon.Home sales in the area plunged in April and May, disrupting what probably would have been a busy spring season. But activity started picking up again in June, fueled by pent-up demand, loosened stay-at-home restrictions and low interest rates.The pattern mirrors trends nationwide. The National Association of Realtors has not released August sales figures yet, but reported sales year-over-year increased 8.7 percent in July.“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” said Lawrence Yun, the organization’s chief economist. “With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”The median price also rose 8.5 percent to $304,100 and unsold inventory stood at 3.1 months.“The number of new listings is increasing, but they are quickly taken out of the market from heavy buyer competition,” Yun said. “More homes need to be built.”madison.iszler@express-news.net

The San Antonio-area housing market continued its hot streak in August as prices rose and house hunters faced a shrinking supply of available homes.Buyers in Bexar County and surrounding counties closed on 3,693 homes last month, an increase of just over 7 percent from the same period last year, the San Antonio Board of Realtors reported Monday.The median price jumped 9.4 percent to $259,600. Nearly 70 percent of the houses sold in August were priced between $200,000 and $499,000, with 22.2 percent costing under $200,000 and 8.2 percent costing over $500,000.“New residents are moving into...

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Madison Iszler

expressnews.com

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San Antonio buyers grappling with tight supply of homes

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