By Jason Buch - Express-News
San Antonio recorded more sales of existing homes in July than any other month in the past year.
Sales last month totaled 1,980, a 9 percent increase from the same time a year ago and the largest volume of sales seen here since June 2008, when sales broke 2,000, according to data from the San Antonio Board of Realtors. The median price also was up 2 percent.
National news reports that the country is coming out of the recession and the up to $8,000 tax credit for first-time home buyers have fueled sales, SABOR Chairwoman Florence Terrell said in a news release.
Add interest rates of between 5.5 percent and 6 percent, and many potential buyers and sellers who had been sitting on the fence are taking action, Travis Kessler, SABOR chief executive, said.
July is usually a peak time for home sales, but this July has been a landmark, Kessler said. “This is the first time in 12 months that we’ve seen an increase in sales as compared for that same month the year before.”
But year-to-date home sales, at just more than 10,200, did not reach where they were at this time last year, when 11,669 homes had sold.
Home prices have been relatively stable in San Antonio, Kessler said. Year-to-date median home prices are $151,600, compared with $152,200 at this time last year. The median price for single-family homes last month was $158,300, a 2 percent increase from July last year.
“Price stability is still favorable in today’s real estate cycle,” Kessler said.
The 1,675 pending sales in San Antonio last month represent a 3.7 percent increase from last July, the highest that number has been since June 2008. San Antonio’s available inventory of 11,868 is further evidence of stability, Kessler said, as that number does not represent an oversupply and has changed little h $152,200 at this time last year. The median price for single-family homes last month was $158,300, a 2 percent increase from July last year.
“Price stability is still favorable in today’s real estate cycle,” Kessler said.
The 1,675 pending sales in San Antonio last month represent a 3.7 percent increase from last July, the highest that number has been since June 2008. San Antonio’s available inventory of 11,868 is further evidence of stability, Kessler said, as that number does not represent an oversupply and has changed little in last year.
About 67 percent of July’s sales were for houses costing less than $200,000, a market generally dominated by first-time buyers. Kessler said that shows the tax credit for first-time buyers is bolstering sales.
D’Ann Harper, broker/owner of D’Ann Harper Coldwell Banker Realtors, pointed out that the tax credit applies to buyers who haven’t owned a home in three years.
“We usually have a slowdown towards end of the year, but with that home buyer tax credit still in effect, I think that’s going to help us tremendously and keep momentum going,” Harper said.
Her agents have been busier in July than in recent months, she said, and they have seen appreciation in values in the $225,000-$300,000 price range.
Kessler said 10 percent of San Antonio homes sold through the Multiple Listing Service in July were foreclosures, or short sales, compared with 50 percent of monthly sales in states like California, Nevada, Arizona and Florida. Short sales and foreclosures have averaged 13 percent of total sales this year.
End of Article.
Call Randy or Stephanie Kelley, Realtors(R) at Keller Williams Legacy, San Antonio, Texas, for all your realty needs.
Our telephone numbers are (210) 863-2661, (210) 867-8743, & (800) 201-9145. Visit us at SanAntonioHomeQuest.com.
2 comments:
If you think the price is fair enough, you may pay it in full price and negotiate for a lower interest or ask for a smaller down payment. Try to maximize the opportunity so that you would have a great deal of your money.
If you think the price is fair enough, you may pay it in full price and negotiate for a lower interest or ask for a smaller down payment. Try to maximize the opportunity so that you would have a great deal of your money.
Post a Comment