Since I initially drafted this post, the average interest rate has dropped nearly half a point. Good news abounds!
The coming year is looking economically healthy for San Antonio. Below are some slides from a presentation given by Lawrence Yun* in November 2018. His report is entitled, “Economic Trends and Outlook in a Rising Interest Rate Environment.”
Unemployment is the lowest we’ve seen in many years.
These employment figures are complemented by increased consumer confidence and business spending. Always a good thing.
Interest rates are rising and that is slowing home sales in many markets. (See note above about the half point decrease since November 2018.)
Our experience in San Antonio is a continued upward trend in home sales (4% increase YoY in November 2018) and in median home prices (5% YoY in November 2018). This trend is supported by the employment growth rate in Texas.
* Ph.D. and Chief Economist, National Association of REALTORS®