San Antonio foreclosure listings continued to pull down home prices in August, based on a report from the San Antonio Board of Realtors.
Despite an increase in overall home sales, the median sales price in August dropped by 2 percent from August last year to $147,800 in August this year.
Total sales of single-family homes reached 1,761 units, marking a two-percent increase from August last year.
Realtors and analysts in San Antonio said the increase in house sales was largely driven by the $8,000 federal tax credit which is expiring at the end of November. August marked the second time that monthly home sales surpassed the previous year’s monthly sales.
Florence Terrell, head of the realtor organization, said that consumer confidence has been rising, increasing retail sales including sales of single-family homes.
Terrell explained that the increase in sales was largely fuelled by the federal tax credit, as shown in the increase and percentage of sales of homes priced below $200,000. She added that nearly 72 percent of overall sales in August were sales below the $200,000 price level.
The chairwoman also said that the drop in the median home sales price in August was caused by the increase in short sales and sales from San Antonio foreclosure listings.
Based on data from RexReport, Bexar County posted 1,554 homes for the October 6 foreclosure auction, an increase from the 1,132 units posted for the September 1 auction and a rise of 51 percent from the 1,026 units posted for the September auction in 2008.
Gregg Stanley, head of RexReport, said that the increase in the October foreclosure postings from the September 2 auction may also have been driven by the extra number of days available for lenders to file foreclosures before the October 6 auction.
According to the realtor organization, 195 homes sold in August were bank foreclosed properties and pre foreclosures and 190 of them were sold at prices below $200,000.
San Antonio-based real estate businesswoman Linda Rasmussen said lenders were releasing lower-priced homes to the market because these types of homes are the ones getting sold.
Meanwhile, Terrell said that the San Antonio housing market is fairly stable because its current inventory of about 11,600 houses represents an 8-month inventory, indicating a buyer’s market. She added that a six-month inventory means a seller’s market.
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