Housing inventory in Bexar County shrank to its lowest level in seven years in November, as the local housing market continues to surge, driven by pent up demand and a strong local economy.
The San Antonio Board of Realtors says 21,607 homes have been sold in Bexar County through November, up a huge 17 percent over 2012 and the highest year to date number since 2008.
In addition, the average price of the homes that sold and the median price of homes sold both increased in November, another sign of the strong housing market.
A total of 1634 homes were sold in Bexar County in November, which is usually one of the weakest months for home sales. That's up from 1269 homes sold in November of 2011.
The main reason is the surging local economy. The Milken Institute recently ranked San Antonio 12th on its list of the top 25 'Best Performing Cities' based on key categories like job creation and retention.
The surging market is good for higher priced homes as well. Homes priced over $500,000 accounted for 4.47% of total sales for November, and twelve homes were some for more than $1 million, double the amount of homes in that price range that were sold in November of 2012.
The average price of a home that was sold in San Antonio in November was $214,000, up from $174,000 in November of 2011. The median price, the point where half of all home sold for more and half sold for less, was $172,000, also up substantially from two years ago, indicating a solid housing market for all price ranges.