Home sales and prices in the San Antonio area soared in September amid pent-up demand, low interest rates and a tight supply of available homes.
Buyers in Bexar and surrounding counties closed on 3,623 homes last month, up about 32 percent from September 2019, the San Antonio Board of Realtors reported Tuesday. Sales year-to-date are up about 8 percent compared with the same period in 2019.
The median price rose about 11 percent to $261,200.
“The significant growth in sales compared to last year shows the housing sector as a possible factor to move the economy forward,” said Kim Bragman, SABOR’s 2020 board chairman. “We are hopeful to see a positive growth of sales for the remainder of the year.”
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Around 68 percent of the homes sold in September were priced between $200,000 and $499,999, compared
New-home sales also rose sharply in August to their highest level since September 2006. Sales of newly built homes reached an annual rate of 1.01 million in August 2020, 43.2 percent higher than in August 2019, according to the Census Bureau. New-home sales were also up 4.8 percent compared to July 2020.
Low inventory and high prices
While demand for houses is strong despite the coronavirus pandemic, the shortage of homes for sale means that prices are rising rapidly in many markets. The number of existing homes for sale dropped by 18.6 percent in August 2020 compared to August 2019, according to NAR. Inventory of newly built but unsold homes also dropped dramatically by 40 percent compared to August 2019 to the lowest supply since the data has been tracked beginning in 1963.
For the Washington area, the median listing price was up 9.2 percent for the week ending Sept.