Nationally, the U.S. Commerce Department reports home sales have increased 15.6 % over last year. That's a current annual rate of 437,000 new homes and is the most active market since mid-2008. The Commerce Department report also indicates home buyers are opting for less expensive properties because the middle price of new homes fell 9 % in January, to $226,400.
Consumer confidence is also rising according to the Conference Board. The February 2013 consumer confidence index rose 69.6% - the highest level in three months. It demonstrates a dramatic reversal of January's downward trend reflecting consumer anxiety about higher payroll taxes and the fiscal deadlock in Washington.
In its latest press release, the San Antonio Board of Realtors (SABOR) reports a staggering rise in the San multiple listing service (MLS) residential market as the 1,249 homes sold in January represents a 24 percent increase over January 2012.
Also, both the average and median home prices were up significantly - 4% and 3% respectively.
Quoting from the SABOR report -
"Locally, the average sales price for January 2013 for single-family residential homes was $183,846
while the month’s median price was $149,000.
Breakdowns in prices show 70.3 percent of homes sold in the low-range ($199,000 and below), 26.66 percent in the mid-range ($200,000 - $499,000) and 2.96 percent in the high range ($500,000 and up)."
According to Steven Gragg, 2013 SABOR Chairman of the Board, "This continual growth demonstrates not only the steadiness of the market but also indicates an increase in consumer confidence."
A major contribution to the vitality of both the national and local realty markets are low residential mortgage rates. According to a report from the National Association of REALTORS®, "fixed-rate mortgages across the nation have remained steady or inched lower in recent months. Such reductions in rates have led to an increase in applications and subsequent home sales."
Another contributing factor is San Antonio's strong economy and the area's long history of stable home values. According to Angela Shields, SABOR President and CEO, “Home prices in our area remain affordable, but are not so low that sellers lose equity in their home.While other cities struggle to find a balance in price levels, San Antonio offers a market that has something for everyone.”
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If you're looking to buy or sell a San Antonio area home, visit sanantoniohomequest.com or contact Randy Kelley (210) 863-2661 or Stephanie Kelley (210) 867-8743 for realiable realty research, advice, and assistance. Randy and Stephanie are Realtors® at Keller Williams Legacy, San Antonio, Texas.
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