2010 Homebuyer Tax Credit Maintains Effect on 2011 Year-to-Date Sales Comparisons – June 2011 Real Estate Numbers May Bridge the Gap on Skewed Market Analysis
The San Antonio Board of REALTORS(R) July 2011 report on year-to-date sales comparisons revealed that the month-to-month comparison of sales from June 2010 (1,904) and June 2011 (1,869) highlighted a slight 2% decrease compared to this time last year.
However, San Antonio Board of REALTORS(R) CEO Angela Shields believes that the smaller figure could signal that sales figures may stabilize in the future. “We’ll be watching as the gap closes on month-to-month sales figures. Those figures could indicate that our market is evening out. When you understand the factors at play, you’ll see that the San Antonio market is still is good shape,” Shields said.
The Alamo City continued its steady up-tick in home prices in the first half of 2011, with both the average home price ($184,930) and median home price ($151,000) seeing 4% increases over the first six months of 2010. “The home buyer tax credit had a positive impact on home prices, with many homeowners moving up into higher priced homes,” said Scott Caballero, 2011 Chairman of the Board.
“San Antonio home buyers can invest in a home affordably and reap the benefits down the road. June 2011 was no different,” Caballero said of the monthly figures, which saw a 2% increase in the average price ($193,530) and a 1% increase in the median price ($155,700) over June 2010.
Market watchers have been abuzz with news about the state and local economies. Bloomberg Business recently heralded San Antonio as one of the country’s strongest economic metropolitan areas, noting that it has regained most of the jobs lost during the recession. According to the Bureau of Economic Analysis, Texas is second only to California for having the highest economic output in the last 10 years. “Experts say that San Antonio has recovered to its pre-recession levels on many fronts. There’s a lot to feel good about in the real estate market specifically, like the low interest rates as well as continued price appreciation and affordability,” Caballero said.
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