The average price of a home sold in metro San Antonio in May surpassed a quarter million dollars for the first time ever, as local housing prices continue to soar, News Radio 1200 WOAI reports.
The San Antonio Board of Realtors says the average selling price in May was $256,000, up 5% from last May.Also, more than 50% of all homes sold in the metro in May cost more than $200,000, that's also a first.
SABOR President Angela Shields points out that May and June are the hottest months of the year for home sales, and 'for sale' signs are vanishing rapidly.
"The summer season tends to be one of the busier times of year, as kids wind down at school and families look to make a move before the next school year starts," Shields said.
Nearly 100% of all homes sold went for list price, and homes spent just 55 days on the market.
SABOR's Yvette Allen says the increase in housing values is truly remarkable."We had a five percent increase last month, and raised our median price to $219,700," she said. "I can't tell you when it's going to level off."
Despite the skyrocketing local housing prices, San Antonio remains a bargain compared to other Texas cities. The average price statewide was $287,000 and the median price, which is the point where half the homes sold are cheaper and half are more expensive, has a statewide figure of $230,000.
Allen says what is driving the higher price is more demand for homes than supply."We saw an 11% increase in the number of homes sold," she said.