News For San Antonio Home Buying And Selling

In the first week of June 2013, there are things happening locally and nationally that will likely influence San Antonio home buying and selling through this summer and early fall.

1. Home contracts across the U.S. ticked up slightly in April to the highest level in 3 years. The national trend is mirrored by a double digit increase in May San Antonio homes sales over May 2012.
2. Mortgage rates edged up slightly this past week…30 yr at 3.81% and 15 yr at 2.98%.  The increase in mortgage rates seems unlikely to cool San Antonio's hot realty market.
3. Nationally, foreclosures have plunged to a 5-year low, with the first quarter down 23% from last year. San Antonio area foreclosures have also decreased dramatically.
4. Eagle Ford Shale oil output is up 77% over last year. It has now topped over 500,000 barrels a day. The State produced 2.3 million barrels a day in February. Oil field production in the Eagle Ford shale counties south and east of San Antonio has caused an influx of oil industry relocations to San Antonio area and is a contributor to this year's shortage of homes for sale.

If you are looking to buy or sell a San Antonio area home, or want to know more about local residential conditions, contact Randy Kelley (210) 863-2661 or Stephanie Kelley (210) 867-8743, or visit their website at sanantoniohomequest.com.

Randy and Stephanie are Realtors® at Keller Williams Legacy, San Antonio.