SAN ANTONIO HOUSING 2Q18: Quarterly Starts Continue to Increase; Lot Inventory Declines YoY
- 2Q18 Quarterly New Home Starts are up 9% YoY; Quarterly Closings are up 8%
- Annual Single Family Stats are up 4.2% YoY; Annual Closings are up 9.6% YoY
Metrostudy’s 2Q18 survey of the San Antonio housing market shows that new home production increased moderately during the second quarter of 2018. The 2Q18 annual rate of starts is 11,396 units, up 457 units above the 2Q17 level. Metrostudy’s 2Q18 quarterly starts count totaled 3,271, an increase of 9% above 2Q17. Quarterly home closings totaled 2,943 units in 2Q18, up 8% from 2Q17. The annual rate of new home closings totaled 11,068, a 9.6% increase from 2Q17.
“For the twelve-month period ending in 2Q18, new single family starts priced between $200K and $250K represented 30% of the San Antonio new home market,” said Jack Inselmann, Metrostudy’s Regional Director for the San Antonio area. Starts in below $200K range were 14% of San Antonio’s new home market.”
In 2Q18, Metrostudy recorded 18,382 vacant developed lots in the San Antonio market and based on the current annual starts rate, this lot total represents 19.4 months of supply. There were 2,899 new lots delivered to the market during 2Q18 compared to 3,271 lots absorbed. Over the last twelve months, the market delivered approximately 10,800 new lots.
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