While prices have risen slightly, the price rise is in alignment with price rises across the country. In actual fact, new homes in San Antonio have risen less than in other states.
“San Antonio’s home prices have been part of a national increase and, according to CoreLogic, national home prices have risen nearly 6 percent year over year in March 2015. That rise will continue through March 2016, in which CoreLogic projects home prices will climb by another 5.1 percent. That equates to a 0.8 percent hike for each month” according to the San Antonio Business Journal.
On a more local level, the San Antonio Business Journal highlighted the real impact across San Antonio and New Braunfels areas:
“On a local level, in the San Antonio and New Braunfels area, home prices — including distressed sales — increased by 5.9 percent in March 2015 compared to the same month in 2014. On a month-over-month basis, home prices rose by 0.1 percent in March 2015 compared to February of this year. When distressed sales are taken out of the equation, year-over-year prices rose by 5.4 percent in March 2015 compared to 2014. The month-over-month growth was the same as when distressed sales were considered”.
Compared with other cities in Texas, the price rises were more modest allowing for very affordable homes for new home buyers.
Texas saw home price increases across the board. Dallas and Houston were the 2 top cities seeing the highest level of home price increases. Dallas home prices saw an increase of just under 10% year-on-year. Houston home prices saw a year-on-year price rise of 9.3%. A price rise of just over 5% is great news for home buyers in San Antonio.
It is important to note a major reason behind higher prices for San Antonio new homes has been a result of new residents with higher income looking for higher quality homes. New homes construction has reflected this with new home builders in San Antonio home builders (especially New Braunfels home builders) offering more quality homes with better features.
The increase in residents has been attributed to strong jobs market in the tech sector, which generally offer much better salaries than many other sectors in the market.
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