San Antonio tops market rebound report for having recovered from the Great Recession, according to the most recent Homes.com Rebound Report published June 24, 2013.
The Homes.com Rebound Report tracks how far housing markets across the country have recovered from the "peak-to-trough" fall attributable to the recession that began in 2008. The big news is that six cities in Texas are in the top 10 recovery markets. San Antonio tops the list - showing a recovery of 233.11% - followed by Houston (223.49%), Austin (219.74%), and Dallas (203.26%).
Any percentage recovery measuring 100% or more is a full recovery (i.e. the market has recovered 100% of its pre-recession index value).
The Rebound Report bases its findings from its own Homes.com Local Market Index Report. The Local Market Index is calculated from sales data on the same homes over time, allowing a side-by-side comparison of the same property. The data are from the year 2000 to the present. To track the recovery, Homes.com tracks homes prices from the market high of 2005 through the housing crisis which began in 2008 and back to the present. This more accurately tracks the monthly growth and decline in home prices over a longer period of time. Each sales pair observed is grouped with all other sales pairs found within the area to create a highly localized, neighborhood-level index.
The Rebound Report confirms what we have known for some time: That Texas - and San Antonio in particular - did not experience the same dramatic expansion or contraction in our housing market as compared to other areas. In short, there was no housing "bubble" to burst. Similarly, the report confirms that the economic recovery in Texas - and in San Antonio in particular - is exceptionally robust.
The most recent numbers from the Texas Association of Realtors suggests that San Antonio's strong performance is ongoing. Through May of this year, the data show a continued increase in home prices and a continued reduction in existing home inventory. Here's a snapshot of the housing market in San Antonio, comparing May 2012 with May 2013. Please note this data looks at all 161 subdivisions in the San Antonio metro area.
- The median sold price for homes in San Antonio rose 6.25% from last year.
- The number of homes listed for sale in May 2013 rose 5.75% from last year to 2245 new listings.
- The average number of days on the market for a home for sale in San Antonio decreased 21.49% from 121 days to 95 days.
- The number of homes for sale that closed in May 2013 rose nearly 20%.
- The inventory of homes for sale in the San Antonio area shrank 34% from 5 months to 3.3 months inventory.
Visit RealLuxury San Antonio to see complete listings of all homes for sale in the red-hot San Antonio market. Contact Jennifer Perloff for a free market analysis, neighborhood or school district report.
Vintage Oaks is offering new homesites this summer, so come check out these lots before they are gone. The city of New Braunfels is located 45 minutes north of San Antonio and is the fastest growing submarket in the San Antonio Metropolitan area. The Vintage Oaks community is proud to be a part of the growing New Braunfels area.
Read more from the source: realluxurysa.com