Report: SA new-home sales growth far surpasses Dallas, Austin, Houston. The Alamo City saw the third-largest growth in sales of new construction in the country over the last year.
Mitchell Parton Mar 23, 2021
As San Antonio's red hot housing market continues to soar, the city is far outgrowing the nation and its Texas counterparts in new-home sales.
Pending sales of new-construction homes in February grew 61.8% in San Antonio from February 2020 to 2021, according to a new report from Zonda. The only two cities with larger year-over-year growth were Cincinnati at 72.8% and Jacksonville at 80.5%.
The number of new home orders in the Alamo City grew 39.1%, with the average sales rate up 60.8%, even through the unprecedented winter storm.
“It means that the market is way bigger than it was a year ago in housing activity," said Jack Inselmann, San Antonio regional director for Zonda. "Demand and sales started off very robust in the first two months of this year and will probably continue through the spring.”
The other major Texas cities saw less extreme year-over-year growth in pending new-home sales:
Dallas: up 46.7%
Houston: up 41.4%
Austin: up 27.1%
Austin's growth underperformed the national average of 35% pending new-home sales growth. 70% of builders nationwide have intentionally slowed or paused sales to better align contracts with production capacity, according to Ali Wolf, Zonda's chief economist.
"The underlying demand in the housing market is still there, though, even as prices and mortgage rates rise," Wolf said.
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