SAN ANTONIO – Area home sales and prices broke records in 2021, according to Texas Realtors.
Buyers purchased 42,053 homes in the metro last year, a 4.7 percent increase from 2020.
The median price increased 14.5 percent to $284,995.
Local inventory dropped from 1.7 to 1.4 months. The Texas Real Estate Research Center (TRERC) considers six to 6.5 months of inventory a balanced market.
“Rising mortgage rates will weaken housing demand and subdue some of the housing price pressures in 2022,” said Dr. Luis Torres, research economist with TRERC. “The housing market will remain strong with the major headwind being the low inventory of homes for sale, especially in the lower price ranges.”
Homes spent an average of 34 days on the market, 23 fewer days than in 2020.
There were 5,221 active listings, a 35 percent decline.
“Homebuilders are trying to catch up with demand but are facing steep prices for land, materials, and labor,” Torres said. “Expected improvements in supply chain issues should mitigate some of the costs facing builders in the coming months, but new-home construction is expected to lag housing demand.”
The Texas Real Estate Research Center has more information on housing: