San Antonio home prices reach a new high

The San Antonio-area housing market continued on its hot streak in May, with sales rising at a steady clip and the median sales price reaching its highest level ever.

The median price of a home in the local metro area was $231,900 in May, a 4.8 percent increase from $221,300 a year before, according to data from the San Antonio Board of Realtors. That’s the highest ever for the local market, by a considerable margin — in second place was April, with a median of $222,800.

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Last month, 3,326 homes were sold in the San Antonio-New Braunfels metro area, an increase of 7.6 percent over May 2017. The local area’s burgeoning economy and growing population have fueled steady growth in housing market for the last seven years.

Prices have surged over the last few years as developers struggle to build enough new homes to satisfy demand. They are hampered by a shortage of construction workers and available land in highly-coveted areas of San Antonio, experts say.

To read about the tight inventory of homes on the market, see the full story in Wednesday’s Business section or click here to visit our subscriber site, ExpressNews.com.

Richard Webner is a San Antonio Express-News staff writer. Read more of his stories here. | rwebner@express-news.net | @RWebner