Periodically, we take a look at housing statistics for the San Antonio Metro area. The information comes from the Multiple Listing Service (MLS) data of the San Antonio Board of Realtors. Here are the market updates for San Antonio thru the end of the first quarter for 2019.
Typical seasonality of the real estate cycle is playing out. Q4 and early Q1 are always the slowest times in real estate, and now we’re starting to see the typical upswing as the spring buying season gets underway. Although the month-over-month sales increase can be attributed to seasonality, February year-over-year single-family home sales are statistically flat. Many real-estate industry leaders are now predicting a shift in the market in which the upward trajectory of sales growth will start to level off. Home sales and prices should still be healthy in the interim, but the level of growth we’ve been seeing may start to slow down.
What are interest rates looking like?
The average rate for a 30-year fixed mortgage as of posting is somewhere around 4 – 4.25%. Mortgage rates seem to be moving downward in favor of buyers. The Federal Reserve announced this month that they do not foresee any more hikes in their benchmark interest rate, which has been reflected in mortgage rates, which is good news for buyers.
Median home prices hit a high last summer of $290K and have leveled off at $266K
The MAI stands for the Market Action Index. Anything below 30 favors the buyer. Anything above favors the seller. We are currently at 34, which is slightly in favor of the seller and a seller’s market.
Days on market traditionally is lowest in the summer months and highest in December. Currently we are trending towards lower days on market.
Inventory is trending upwards, but we are still far below the national average, and until we hit a 6 month supply, we will remain in a seller’s market.
Published on 2019-03-28 15:52:37