San Antonio Remains One Of The Healthiest Markets In The Country
May 27, 2008
Quoting from The ShowCase USA article, “San Antonio Housing Market On Leading Edge of Recovery.”
There is a general consensus that the United States is in the midst of a mild recession that will be documented by the end of the summer,” said Jack Inselmann, Vice President of the U.S. Central Division of Metrostudy, a national housing tracking and consulting company. “By the time it is documented, it may already be over. The homebuilding industry is working determinedly to rid itself of any excess inventory, and in many markets that process will be completed this year giving rise to some moderate optimism for 2009.
According to Metrostudy’s first quarter 2008 San Antonio new-home analysis, the current pace of new single-family construction activity totaled 11,445 annual starts and 14,527 annual closings. “This places San Antonio among the 10 most-active housing markets in the U.S.,” Inselmann said. “With the consistent effort of builders to reduce the excess new-home inventory that remains, closings continue to outpace starts.”
As forecast by Metrostudy, 2008 housing starts will continue their correction for most of the year before having a chance to bottom out by the end of the year. Even though the expected market decline is in full force, San Antonio remains one of the healthiest markets in the country, Inselmann said. As of March-2008, San Antonio was ranked ninth job growth, with 18,900 jobs gained (2.3 percent), when compared to metropolitan areas nationwide. In addition , Texas is gaining jobs at a rate of 209,000, a 2 percent rate that is far above that of New York (the second-ranked state), which posted a rate of 70,300 job gains.
According to the latest figures released by the Office of Federal Housing enterprise Oversight (OFHEO), in 2007, San Antonio experienced a home price appreciation of 8.3 percent, which places it 21st when compared to metropolitan areas nationwide. “However, when you look at the analysis by metropolitan areas that have a population of at least 1 million and more than 10,000 new home starts and closings, San Antonio is ranked first in home price appreciation,” Inselmann said. “And in terms of housing inventory, San Antonio maintains one of the lowest levels of new-home inventory when compared to other housing markets in the U.S. Though we consistently hear of extremely distressed housing markets around the country, San Antonio should not be considered one of them. Although the market has its pockets of problems we should thank our lucky stars that we live in San Antonio, Texas.”
Great information from Metrostudy published by The ShowCase USA and you can read the entire article here.
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