Source: KSAT —
High demand, low mortgage rates and massive price increases for homes have led to a somewhat hectic housing market in the U.S. over the last year.
In San Antonio specifically, the average price of a home increased 19% from June 2020 to June 2021 with the average price of a home sitting around $345,000.
The number of days a home is listed has also dropped drastically from 60 days in June 2020 to approximately 26 days in June 2021, according to the San Antonio Board of Realtors.
Housing prices have been driven up by the lack of inventory and, according to Freddie Mac, 30-year fixed rates for mortgages are at historically low percentages.
According to a report from Texas Monthly, real estate agents have described a “buying frenzy that has defied models, unleashed record-breaking, all-cash bidding wars, and pulverized middle-class homebuyers who are unable to compete.”