San Antonio-area home sales continued to rise at a rapid clip in January as prices surged, building off of last year’s record results. San Antonio-area residential sales volume surged 6.6 percent from 12 months ago, with 1,534 homes sold, according to data from the San Antonio Board of Realtors. The median price of a home also got pricier, rising 4.6 percent year-over-year, to $186,100 from $178,000.
Local housing remains a seller’s market, with low inventory and high demand. The inventory — measured by the average time it takes for a home on the market to be sold if no new homes are listed — stayed tight at three and a half months in January, matching the record low set in December. The market is considered balanced between buyers and sellers when the inventory is at six months.
About 2,800 home listings were posted during the month, 600 more than in January 2015. Nevertheless, SABOR Chairman Bob Jacobs predicted that inventory will stay squeezed for a while as the area population grows.
San Antonio’s healthy economy and growing population, along with low interest rates, drove the sales and price increases, experts said. They predicted that sales will keep rising this year, but at a slower rate than in 2015 as the oil crisis squeezes the broader Texas economy.
A record high of 27,154 homes were sold in the metropolitan area last year, beating the previous record set in 2006 before the housing crisis. The median home price broke $200,000 for the first time in May, peaking at $202,500. Still, homes in San Antonio remain cheaper than than the rest of the state. The average San Antonio home price was $224,527 last month — 6.4 percent below the state average of $239,819.
The most popular ZIP code for home sales was 78254, on the Northwest Side near Government Canyon State Natural Area, with 90 sales and a median price of $200,475. It was followed by another Northwest Side ZIP code, 78253, with 71 sales and a median price of $218,500. In third place was 78245 on the West Side, with 62 sales and a median price of $154,900. The priciest ZIP code was 78257 on the far North Side, which includes The Dominion, where nine homes were sold with a median price of $555,000.