While May home sales in the San Antonio - New Braunfels metro dropped a huge 20%, sales of homes in June reversed the trend. They went up to 14% year over year to 3,823 sales, according to the San Antonio Board of Realtors.
The previous month had 2,869 residential sales, but pending sales were 21% going into June. The low inventory has trouble meeting the high demand. And homes with a swimming pool are getting snapped up right away.
In June, the median sales price went up again by 5% to $251,700. The inventory dropped to 2.8 months, continuing to signal a seller’s market. Anything less than about 6 months is getting into seller’s market territory.
Meanwhile, mortgage rates are historically low, so home buyers can still qualify for a reasonable monthly payment.