According to the Texas Real Estate Center on September 16,2009, "Home sales up, but foreclosures drag down prices in S.A. San Antonio continues to an increase in homebuying — in large part thanks to first-time homebuyers motivated by a tax credit. But prices have failed to increase, and experts are saying growing short sales and foreclosures are dragging down prices. San Antonio recorded 1,761 single-family home sales in August, a 2 percent increase from last August, according to the San Antonio Board of Realtors (SABOR). It's the second month in a row the volume of sales has topped the previous year's number, ending a year-long slump. The increase in home sales was not matched by a price increase. The median price for single-family homes in August was $147,800, a 2 percent decrease from a year ago. Florence Terrell of SABOR blamed that on a high number of short sales and foreclosures. Bexar County has 1,554 properties posted for the October 6 foreclosure auction. That's up from 1,132 for September 1 auction, according to www.RexReport.com."
So what does that mean for you? If you're in the market to purchase a home, it's a great time! Our inventories in SA remain high, and interest rates are really low. If you're needing to sell your San Antonio home, you'll need to be a little more aggressive in your pricing, and you'll need to get your home in tip top shape to sell quickly. Analyists predict a quicker recovery for our market than in some other Texas cities, but not until 2010.
Currently in SA....
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