SA housing market grows in May

SABOR: Key housing indicators improved in May 2012 compared to May 2011

SAN ANTONIO – The average price for single-family homes grew four percent since last year, according to the May 2012 Multiple Listing Service report by the San Antonio Board of REALTORS.
Key housing indicators all improved in May 2012 compared to May 2011.

"We credit the strength of the housing market to San Antonio's continued job growth, affordability and low interest rates," SABOR President and CEO Angela Shields said.

Sparked by a continued steady sales trend, the average price for a single-family home rose to $197,451. The median price increased five percent to $161,400 compared to May 2011.

Average and median prices have improved monthly in 2012, marking a favorable housing trend for 2012. National Association of REALTORS chief economist Lawrence Yun said housing recovery is underway across the nation.

"It is no longer just the investors who are taking advantage of high affordability conditions. A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices," Yun said. "The general downtrend in both listed and shadow inventory has shifted from a buyers' market to one that is much more balanced, but in some areas it has become a seller's market."

Nationally, the total housing inventory at the end of April rose 9.5 percent to 2.54 million existing homes, which represents a 6.6-month supply at the current sales pace, up from a 6.2-month supply in March. For five consecutive months, San Antonio has had less than 7 months supply of home inventory, signaling a very balanced market in terms of supply and demand which favors both buyers and sellers.