Page 8 - 2022 San Antonio Housing Forecast Magazine

President’s Message
Welcome to the 2022 San Antonio Housing ForecastTM
to be an issue as housing
prices and intrest rates rise
will be a banner year for the new home market!
The National Association of Home Builders (NAHB) Chief Economist Robert Dietz recently shared with us that despite the cooling in the 4th quarter of 2021, there are 28 percent more single-family homes under construction in the United States than one year ago. This is great news as it means that completions will increase in 2022, bringing more inventory to the market despite the 19 percent year-over-year rise in construction material costs and longer construction times.
Dr. Dietz also said that affordability will continue to be an issue as interest rates and home prices rise. There are 45 million millennials today at first time buying ages of 26-35 and they account for a whopping 53 percent of all prospective buyers in the market. By all reports, buyer competition is expected to remain fierce, especially in the entry level market.
We should also see a steep increase of renters Sincerely,
Mike Sowry 2022 GSABA President
Housing
affordability will continue
Welcome to the 2022 Greater San Antonio Builders Association’s annual Housing Forecast presented in partnership with CPS Energy, Zonda and our loyal sponsors who have stepped up to make this event an incredible success. I want to extend a personal thank you to Lawrence Dean with Zonda for all he has done to prepare for this year’s Housing Forecast.
The 2022 Housing Forecast Magazine has many of Lawrence’s slides with all the new home and lot statistics and projections. I know many of our members rely on this crucial information as they make their annual sales projections and plan for the new year. From all reports, 2022
entering the homebuying market this year because rents are forecasted to outpace home price increases in 2022. Dr. Dietz reported that for the first time in an eight-year trend, there are more single-family units under construction than multifamily units.
The San Antonio Board of Realtors (SABOR) held their Housing Forecast last week and they reported year-end numbers for 2021. There were 39,292 homes sold as of December 31, 2021, with an average sales price of $347,587 with days on the market right at 44 days. Three years ago, the average sales price of a home in the San Antonio area was $269,484 with 81 days listed on the market according to SABOR.
The housing projections have 2022 home sales hitting the highest level in 16 years, rising 6.6 percent year-over-year according to Realtor. com. The good news from the Realtor.com report is that buyers are going to remain active and hopefully for-sale inventory will begin to recover from recent steep declines. Thank you to Dayton Schrader for sharing these statistics with us provided by SABOR.
We are working with our elected officials to alleviate ongoing building material supply chain bottlenecks that are preventing us from keeping up with buyer demand. This is will ongoing problem that is most likely not going to correct itself in 2022. We will keep you apprised of our efforts.
Thank you again for attending the 2022 Housing Forecast. Please call on me at anytime if I can be of service to you.
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2022 HOUSING FORECAST