SAN ANTONIO HOUSING 1Q19: New Home Production Increased Significantly Year Over Year
- Quarterly new home starts are up 21.5% from 1Q18 numbers; quarterly closings are down 1.2% in the same period.
- Annual new home starts are up 10.3% over 1Q18 levels – annual closings are up 3.6% YoY
Metrostudy’s research shows that new home production in the San Antonio market increased significantly during the first quarter of 2019. The 1Q19 annual rate of starts is 12,275 units, which is up 585 units over last quarter. The current annual starts rate is 10.3% above last year’s 1Q18 level, an increase of 1,149 units. Metrostudy’s 1Q19 quarterly starts count totaled 3,301, 21.5% above 1Q18. In addition, there were 2,574 new home closings during the first quarter, a 1.2% decrease from a year ago. The 1Q19 annual rate of new home closings totaled 11,247, a 3.6% increase above the 1Q18 rate of 10,858 and down 0.3% from last quarter.
In the first quarter of 2019 Metrostudy recorded 18,270 vacant developed lots in the San Antonio market, a level which is up 318 lots from last quarter but down 258 from a year ago. Based on the current annual starts rate, this lot total represents a 17.9 months of supply. There were 3,619 new lots delivered to the market during 1Q19 versus 3,301 lots absorbed. Over the last twelve months the market delivered 12,017 new lots. There were approximately 16,400 lots in the under construction pipeline at the end of the first quarter.
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