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July 2020 San Antonio Home Sales Skyrocket, All Time Low Mortgage Rates, Homes By DR Horton In Cobalt Canyon

Pent up demand is how the San Antonio Express newspaper d our local housing market on Thursday, August 13th. No doubt summer is usually the busiest time of the year for home sales as families want to get established before school starts. Low mortgage rates are one big factor that can’t be overlooked. The average rate on a 30-year fixed-rate mortgage is now at 2.88 percent for the week ending Aug. 6, which is the lowest rate since 1971. This low rate gives buyers more purchasing power and heats up the competition for both resale and new homes.

Home sales in San Antonio showed a 25 percent increase over last year with 4,231 homes sold during July. Overall, this uptick makes for a 4 percent increase in the year-over-year comparison, 21,032 home sales this year compared to 20,028 sales last year. The average price in July was $302,068 which is up 10% from last year.

I attended the monthly Realtor Building Committee recently on Zoom and the message that came out from the new home builders is that the inventory is moving very quickly and there is a high demand. The  DR Horton representative introduced the new community of “Cobalt Canyon” which has homes that start out under $200,000. The smallest floorplan is 1,296 square feet has a base price of $188,000 with the largest floorplan being 2,678 square feet. These new construction homes are located near near I-10 and FM 1518 in St. Hedwig. Military families will enjoy a short commute from Randolph Air Force Base, Fort Sam Houston and the Brooke Arm Medical Center (BAMC).

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