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San Antonio Home Sales Are Up as Mortgage Rates Continue to Drop

If you are thinking of buying or selling a home in San Antonio, this is a good time to be in the market. The San Antonio Board of REALTORS® (SABOR ) recently reported a 7 percent increase in September sales compared to the same month in 2011, according to the September 2012 Multiple Listing Service report by). The average and median prices for September are also up, both showing a 2 percent increase from last year.

“Sales in the midrange of prices ($200,000 to $500,000) have been up the last several months, peaking in June,” Liza Reyes, SABOR Chairman of the Board, said. “This month, a good portion of sales continued to occur in this midrange, which kept prices higher and on par with previous months.”

Locally, the total number of homes sold has steadily increased in 2012, with only a small taper in September after the summer boom. However, the comparative increase in sales, with 1,683 homes sold in San Antonio in September 2012, compared to 1,534 in September 2011, confirms that the local housing market is holding steady.

Mortgage rates this month at or around 3.49% are back at record lows. The decline in the 30-year fixed rates is partially due to a result of the Federal Reserve’s recent move to buy $40 billion of mortgage-backed securities each month until the job market improves. As a result, mortgage applications for refinancing and home purchases increased across the nation.

Home buying affordability remains high for home buyers who buy now while rates are low.

Setpember 2010 September 2011 September 2012
Total Month  Sales 1,391 1,534 1,683
Average Price $185,778 $190,211 $192,594
Median Price $149,900 $152,500 $157,900

For more information about buying or selling a home in the San Antonio area, contact San Antonio real estate resource, Trudy Edwards of Legend Realty Group, KELLER WILLIAMS Realty Heritage at (210) 595-9801 or truesarealestate@gmail.com for a complimentary consultation.