San Antonio Sees Surge in Available Homes for Buyers

San Antonio's Rising Home Inventory

San Antonio is currently experiencing an unprecedented increase in housing availability, providing potential buyers with a plethora of options. According to local real estate experts, this is an optimal time to consider purchasing a home in the area.

Impact on Home Buyers and Sellers

Realtor Sara Breseno Gerrish notes that the increase in home inventory is allowing buyers to enjoy more choices and potentially more reasonable prices compared to previous years. "If you are able to buy, now is the time. Those choices are back again," Gerrish advises.

Current Market Trends

Recent data from Remax highlights the growth in San Antonio's housing market, with over 13,000 active listings recorded in May 2024—a 39% increase from the previous year. The inventory in May accounted for 3.7 months, a slight decrease from 4.9 months, indicating a quicker pace in the housing market.

Price Ranges and Buyer Incentives

A significant portion of the listings, about 75%, are priced between $200,000 and just under $500,000. Tracy Tylman, a local mortgage lender, suggests that newly built homes might be particularly appealing due to competitive mortgage rates offered by builders. "Builders have pent-up inventory and are offering great incentives on closing costs and interest rates," Tylman explains.

Future Market Predictions

The housing market's future might be influenced by several factors, including the upcoming presidential election and future Federal Reserve meetings. Tylman speculates that these events could impact the housing market, affecting whether people decide to buy or sell.

Market Challenges and Considerations

Despite the optimism, some challenges remain. Tylman mentions that some homeowners prefer to invest in their current properties rather than purchasing new ones due to higher interest rates. "People are taking out home improvement loans instead of buying new homes," she states, reflecting a cautious approach by some current homeowners.

The Bottom Line

The housing market in San Antonio is showing signs of robust activity, with a significant increase in available properties. While challenges like affordability and interest rates persist, the current conditions offer potential opportunities for buyers looking for more choices and value in their home purchasing decisions.

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