Although the housing market in many states continues to struggle, the same cannot be said for Texas. Believe it or not, the housing market Texas is surging with home prices reaching an all-time high during the second quarter of 2013. This is great news for the housing market, as it was only a few short years ago when things were looking bleak.
According to a recent study by the Texas Association of Realtors, the median price for single family homes in the state reached $177,300. While this may not seem like a huge number, it is a 10 percent increase when compared to the same quarter of 2012. Just as exciting is the fact that home sales throughout the state increased 18 percent.
Where does San Antonio fit into this storyline? According to a recent story by MySanAntonio.com, the Alamo City is on par with state averages. The same story goes on to add that 6,880 homes were sold in San Antonio during the quarter. As impressive as that number may be, consider the following: this works out to a nearly 20 percent increase in sales when compared to the same period last year.
Median housing prices in San Antonio also saw a boost to $173,100, a 6.3 percent gain over last year. The demand for housing can be attributed to many factors, including low mortgage rates. With the potential for rates to rise over the next few months, many buyers on the fence may decide to “pull the trigger” now as opposed to holding off until 2014. All of this is good news for those who are interested in selling a home in San Antonio (or anywhere else in Texas), as well as the real estate agents who work throughout the state.
Ben is a retired Combat Controller with the United States Air Force. He started Champion AC in 2007. Ben is originally from the Mississippi Gulf Coast. He is happily married and an avid fan of the San Antonio Spurs and New Orleans Saints.