Top executives of the San Antonio Board of Realtors predict homes sales will be hot this summer.
The season is among the busiest of the year for the industry.
The board reports home sales in May were up 27% over the same month last year. More than 3,600 homes sold locally in May 2021, with the average price at $341,000.
Board President and CEO — Gilbert Gonzalez — said even the pandemic could not alter the momentum of local home sales.
"It did not slow housing sales at all. In fact, it probably increased it feels like. And I think the summer has continued to stay strong. San Antonio has always been a great market and I think it will continue for a while longer," he said.
People have worked from home during the pandemic, which has apparently sparked of couple of housing trends.
Cher Miculka is chairman for the Board of Realtors.
"People are still looking for home offices. And reconverting, rehabbing, doing that sort of thing. I see a lot of rehabbing going on in the housing industry, which is also contributing to a lack of inventory. People are staying where they're at, doing a little remodeling," she said.
That lack of inventory, or numbers of homes on the market, is what keeps prices up and makes it a seller's market.
She said homebuyers need to move quickly because homes disappear fast after going on the market. The time spent on the market now is about a month.
Miculka said wealthy Californians moving to Texas and overbidding on homes is not the main cause of high home prices
"What's driving home prices up, more than that, is lack on inventory. To be quite honest, we just need more inventory. I mean think about it, we are almost 50% less than last year," she said.
As far as new home construction, Canyon Lake, Blanco and far West Bexar County continue to see some of the most robust activity, Miculka said.
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