August 06, 2013

San Antonio's Housing Market is Up!

Home prices in America’s communities are continuing to climb on the local, state and national fronts, according to the latest analysis by Irvine, California based CoreLogic, which released its Home Price Index report.

In the Greater San Antonio/New Braunfels metropolitan area, April marked another banner month for the industry — as home prices rose 6.6 percent between April 2012 and April 2013. That figure surpassed the March 2013 increase of 5.4 percent. Overall, communities in Texas saw home prices rise 8 percent over the 12 months that ended April 30, 2013.

Nationally, home prices rose 12.1 percent between April 2012 and April 2013. According to the HPI report, that figure marks the biggest year-over-year increase in home prices since February 2006.

“House price growth continues to surprise to the upside,” says Mark Fleming, chief economist for CoreLogic. “Increasing demand for new and existing homes, coupled with low inventory, has created a virtuous cycle for price gains ... .” All home-price data includes both conventional and distressed sales. Distressed sales include short sales and real estate owned (REO) transactions.

The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time. The CoreLogic HPI covers 6,840 ZIP codes, 627 core-based statistical areas and 1,200 counties located in all 50 states and the District of Columbia.

Look for the 2013 mid year housing update out later this month! All that to say, It’s a perfect storm ya’ll!