The local housing market continues to be on fire, with sales and home prices showing another increase in August, News Radio 1200 WOAI reports.
The San Antonio Board of Realtors says 2984 home sales were closed in August, that is up 2% from August of 2016. Average home prices are also up 3%, to creep above a quarter million dollars to $252,000.
The median home price, the place where half the homes are more expensive and half are less expensive, is $218,000, also up 3% from August of 2016.
The percentage of local homes that are selling for less than $200,000 is also dwindling. Not long ago homes under $200,000 made up the majority of the local housing market. In August only 42.6% of sales were less than $200,000, with the majority between $200,000 and $500,000.
SABOR CEO Angela Shields credits continued low interest rates for the strong home sales. "This allows buyers to make their money go further and get more house for their dollars," she said.
SABOR says the local market continues to be amazing strong for sellers. The average home that was sold in August was on the market for just 48 days.Thisis six days less than August of last year, and three days fewer than the state's 51 days on the market," SABOR Chair Yvette Allen said.
Homes can sell fast depending on price and location, so those interested in buying need to be prepared to make a decision quickly."The total inventory on the local market is 3.6 months. That is far lower than the six months inventory which is considered an 'average' housing market.