San Antonio real estate was on fire in 2006. It was one of the best real estate seasons for the city in decades thanks flocking baby boomers, out-of-town investors, and new home builders. San Antonio typically has flat appreciation, but 2006 proved a lot of people wrong. What is even more surprising is the fact that real estate in 2006 beat an outstanding 2005. Interest is still high in the city because of it's strong economy and affordable prices.
According to MySanAntonio.com, Builders
started 15 percent more homes than they did in 2005, reaching an
all-time record of 19,092 new single family homes, according to
Metrostudy, a housing research firm. Home buyers closed on 16,988 new
single-family homes, up 17 percent compared with 14,523 closings in
2005. That’s thanks to a healthy job market and an
in-migration of new residents, said Jack Inselmann of Metrostudy, who
presented the data at the 2007 Housing Forecast today. But despite the market highs, Inselmann said that San Antonio’s housing
market has seen a significant shift already. Housing
starts peaked in the third quarter, when San Antonio builders reached
19,527 annual starts, a 30 percent increase over the same four quarters
the year before. Since then, in the fourth quarter of 2006, the pace of
annual housing starts dipped 2.2 percent, Inselmann said.
In case you missed the 2007 San Antonio Housing Forecast, don't worry. It's available for download right on the San Antonio Board of REALTORS® website. I downloaded the 13-page PDF and am reading it as I type. If I see something that surprises me, I'll post here. In the meantime,I have to wonder when this "hot" trend will go in 2007.
Link: SABOR.com
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