SAN ANTONIO – Home sales are seeing a summer rebound. Compared to May, when they took a pandemic clobbering, sales for June surged through the roof.
According to figures from the San Antonio Board of Realtors (SABOR), 3,823 homes were sold last month, a 14% jump over last June before the pandemic started.
“We’ve come roaring back,” said Cher Miculka, SABOR chair-elect. “The realtor community has done a good job in learning how to adapt.”
During stay-home directives and due to general apprehension about the novel coronavirus, pivot has been the name of the game. The industry relied even more than usual on technology such as online video home tours, live webcam tours, Zoom meetings and Facetime deals.
“I personally have sold many houses using Facetime, would you believe it?” Milculka said.
In-person showings are still happening, but they’re different and are designed to follow protocols to minimize health risks.
Despite economic turmoil, home prices continue to climb. For June sales, the median price for a home was up 5% over the previous June and went up to $251,700, according to SABOR.
Houses priced less than $200,000 are in huge demand and stirring bidding wars, according to Miculka.
“Just this weekend, there was one priced below ($200,000), and there were six bids on it,” she said.
Super cheap interest rates are enticing buyers, too. A 30-year conventional fixed-rate mortgage was averaging 3.125% Monday morning after dipping below the 3% threshold last week for the first time ever.
“I think that is a factor,” Miculka said. “Right now, it’s smart to buy.”
Considering the large number of pending sales in June, July also looks to be a hot month.