Posted by Randy Kelley on January 5, 2009
Here’s another article showing why San Antonio’s residential realty market will most likely strongly favor buyers during the first quarter of 2009.
By Creighton A. Welch - Express-News 01/05/2009
Single-family home starts declined 32 percent in San Antonio and single-family home sales were down 29 percent in 2008 compared with 2007, a worse than expected decline.
During 2008, 8,719 new homes were started and 11,112 homes closed, according to Metrostudy, a housing research firm that presented its numbers at the annual Greater San Antonio Builders Association housing forecast.
In 2007, there were 12,800 home starts and 15,675 closings.
As a result of deteriorating economic conditions, Metrostudy expects construction and sales to continue to fall for much of 2009 as the San Antonio area remains a buyers market for much of the year.
There are 38 months worth of vacant developed lots available, and there were 8,053 lots delivered in 2008, 7,326 less than in 2007.
New home inventory did decline during the past year, falling 30 percent from 7,532 new homes in the fourth quarter of 2007 to 5,147 in the fourth quarter of 2008.
Posted by Randy Kelley, MS, BS, PA, San Antonio Realtor®
You can contact Randy at kelleybus@aol.com , visit his website at sanantoniohomequest.com or blog his realty services team at http://sanantoniorealestate.blogspot.com and http://www.trulia.com/blog/stephanie_kelley
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