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SA 2019 housing forecast calls for steady growth

Existing home sales prices expected to rise but at slower rate

SAN ANTONIO – For homeowners looking to plant a "For Sale" sign in the front yard this year, there is reason to be hopeful.  

Real estate experts say they expect 2019 to be another strong seller's market.

The inventory of available home remains tight, and that continues to nudge prices north.

"San Antonio has seen an increase in pricing," said San Antonio Board of Realtors Chairman Grant Lopez. "Our average is now about $260,000 for a single-family house. That's about a $100,000 increase over the last 10 years."

Despite the rise in prices, San Antonio homes remain affordable when compared to other markets, according to Lopez.

Real estate professionals gathered Thursday morning at the La Cantera Resort and Spa for the SABOR 2019 Housing Forecast. It's a fairly sunny one, according to real estate economist Mark Dotzour. 

"Three things drive home sales' growth," Dotzour said. "That's job growth, cheap mortgage money and home prices' appreciation, and San Antonio has all three."

Dotzour said the volume of existing home sales will likely keep pace with last year. As for prices, Dotzour expects them to rise, but not as steeply as recent years. 

"I would say it would be reasonable to expect home sale prices to increase maybe 2 percent a year, something like that," Dotzour said, calling the increase normal for Texas.

As for mortgage rates, Dotzour said he does not expect them to "go much of anywhere."

Mortgage rates have dropped in recent weeks to about 4.5 percent for a 30-year conventional loan. 
 


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