San Antonio – With interest rates at historic lows and the summer months just around the corner, the San Antonio residential housing market is booming with increases in homes sold and prices each month. The Multiple Listing Service report by the San Antonio Board of REALTORS® (SABOR) reported the March 2013 average price of a single family residential home at $194,271 and the median price at $158,900. While the median price held steady with 2012’s March median price, the average was up five percent compared to last year. Days on market fell to just 90 days from February’s 99 and the month finished with 1,935 sales still pending after the 1,826 that were closed.
“Low rates continue to make this a prime time to buy and sell real estate. We saw how the low rates cause the housing market to prosper in 2012, and we are continuing to see that trend as 2013 fares even better,” said Steven Gragg, 2013 SABOR Chairman of the Board.
According to a recent report by Freddie Mac, the average rate for the 30-year fixed loan recently fell to below 3.5 percent. The average rate on the 15-year fixed mortgage dipped below 2.7 percent.
Housing inventory is at 5.3 months, compared to 6.6 months at this time last year. With a quick turnaround in sales, the market is skewing in favor of sellers with 96.9 percent of homes being sold for list price. Homes sold in the price range under $200,000 accounted for 66.8 percent of total homes sold and those between $200,000 and $500,000 accounted for 29.2 percent. Homes priced at $500,000 and more made up 3.9 percent of the total sales for March.
“San Antonio was recently ranked by Forbes as one of the top 25 cities in the country to retire, citing the city’s low cost of living and stable economy. While other cities in the country experience peaks and downturns, San Antonio remains steady and consistent which makes it the perfect place to call home,” said Angela Shields, SABOR President and CEO.
San Antonio Home Sales Recap
Total Month Sales