Sunday, June 20, 2010

Home Sales are Increasing in San Antonio; Prices are Not

The May real estate numbers are in for San Antonio, and the number of sales of existing homes in May increased 19 percent to 1,928 sales compared with the same month in 2009, according to a new report from the San Antonio Board of Realtors.  But the median price of a San Antonio home dipped 4 percent to $145,900 compared with May 2009.

The increase in the number of sales this May has been credited to the tax incentives for homebuyers that ended April 30th. 

A report this week based on the Fiserv Case-Shiller Indexes said San Antonio home prices could slide slightly this year, but only by 0.5 percent. Nationally, a 3.1 percent decline is expected this year, with steep home price declines continuing in hard-hit markets such as Nevada, Arizona and Florida.  Once again, San Antonio is one of the more stable real estate markets in the country.

With around 7.8 months of inventory — meaning that if no more homes came onto the market, it would take 7.8 months, in theory, to sell the entire inventory at the current pace — the market remains tipped slightly in favor of buyers. About 6.5 months of inventory is considered a market balanced between buyers and sellers. 

The other good news?  The average number of days on the market for a San Antonio home that sold in May was 83, a quicker pace than the year before.

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