Home sales in the San Antonio area rose 2% in November 2015 as compared to the same period last year. While that doesn't seem like much, single family home sales have been trending upward since June 2014.
November 2015 was the first month in some time that we have seen a decrease in average home price as compared to the same period year over year. The San Antonio Board of REALTORS® (SABOR) reported the average price of single family homes decreased 8% in November 2015 to $219,808 compared to the same period last year. The last time average home price was below $220,000 was in February of this year.
“Though our prices are marginally less than they were at this time last year, it speaks to the stability of our local market that we don’t see big spikes or drops in our prices like other markets do,” said Mary Ann Jeffers, SABOR’s 2015 Chairman of the Board. “It’s also not unusual to see prices decrease somewhat as we get into the winter months. Fewer people are out shopping for homes and competition is not as fierce.”
In his recent 2016 economic and housing forecast, chief economist of the National Association of Realtors®, Lawrence Yun, suggests that more homeowners will be incentivized to sell in 2016. “Sales activity in 2016 will once again be primarily driven by the ongoing release of more pent-up sellers finally realizing their equity gains and using it towards the down payment on their next home.”
November 2015 San Antonio Market Statistics, San Antonio Board of REALTORS®
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