News

 

The San Antonio area housing market continues to stay strong while the job market has slowed do to job losses in the government sectors. Demand for housing remains strong and growing within constrained inventories. Higher-priced end of home sales continue to see resistance, but the market, as a whole, remains fundamentally sound. The San Antonio Board of Realtors reported home sales in June increased 5% year over year.

The San Antonio Area Housing Market: 

1. June 2016 had a total of 3,038 sales vs 2,897 in June 2015, an increase of 5%.
2. The average home price in June 2016 reached $247,339 vs $242,011 in June 2015, an increase of 2% year over year.
3. Total single-family home inventory remained tight at 3.7 months' supply vs a 3.9 months' supply a year earlier, and near the state average of 3.6 months. Inventory is extremely limited, and the market remains a 'seller's’ market. Anything below 6.0 months' supply is considered a tight market.
4. Single Family Home permits for the month of June totaled 633 according to the Texas A&M Real Estate Center, a 4.6% increase year over year.

 

The San Antonio MSA Economy:

1. The San Antonio MSA reported annual total job increase of 23,400 as of June 2016, a 2.4% growth rate, even with a net loss of 1,100 jobs in June. Job losses were concentrated in Education, Health, and Government Services.
2. Unemployment for June rose slightly to 4.0% with the largest increase of payroll in the Leisure and Hospitality sector and highest loss of employment in the Education and Health Services sector. This remains well below the nation's unemployment rate of 5.1%.
3. The rising population, continued job growth, geographical expansion and a steady stream of new developments across the residential and commercial sectors has provided a colossal boost to San Antonio businesses. Liberty Management CEO Kevin Knight said a lot of his company’s recent growth can be attributed to the city's rising population, job growth and an uptick among investors putting money into San Antonio's residential market. "Investors are seeing future growth and a strong economy here," Knight said. "People are moving here and driving a lot of the growth. And not only are people moving here, but businesses keep moving in, too. I see a bright future for a long time to come, and all I see is positive, positive, positive if I'm in Texas."

 

"We know that San Antonio is an affordable market, but this becomes even more apparent when we compare our prices to others around the state and nation" said Angela Shields, SABOR's Chairman of the Board, "We are very fortunate to have such a healthy economy here locally...."

Should you have any questions, please feel free to contact our office at (713) 535-2250. For more information on our company, please visit our website at www.mcalisterinv.com .

Paul Connor
McAlister Investment Real Estate

1 San Antonio Board of Realtors
2 www.tracer2.com
3 http://www.bizjournals.com/sanantonio/news/2016/07/22/