Happy New Year!

It's a new year, and there are hopes that the recession and its effect on local real estate are over.  Greater San Antonio Builders Association recently held their annual housing forecast where the outlook was for a slowly improving market in 2011. 

The highpoints of the discussion included:

• New home construction in 2010 was up 5.5% from 2009.  Projected new home starts in 2011 are expected to be up another 9%.
• Builders have scaled back production since 2007, leaving San Antonio with one of the tightest markets in the US in supply of new homes.
• Occupancy rates in San Antonio apartments are now above 90%, representing a pool of potential home buyers in the future.
• Texas issued more than twice as many home-building permits in 2010 as the next closest state, Florida.
• In 2010, the bulk of the new home sales in San Antonio were homes priced under $225,000.