A new report from the National Association of Realtors shows that the median sales price for a home in the San Antonio metropolitan statistical area fell 1 percent between the first quarter of 2009 and the first quarter of 2008.
Homebuyers paid a median price of $148,300 for a house in the metropolitan area. During the first quarter of 2008, area homebuyers paid a median price of $149,800, the NAR report shows.
But even though median sales prices are down in the San Antonio market, a number of markets throughout the country experienced double-digit decreases in the median prices of homes.
In Saginaw, Mich., the median sales price was down 53.7 percent between the first quarter of 2009 and the first quarter of 2008. In San Francisco and San Jose, Calif., the price of single-family homes fell 42.7 percent and 42.3 percent, respectively.
Meanwhile in Texas, single-family homes in the Austin-Round Rock area fell 1.2 percent to a median price of $182,300 in the first quarter. Single-family homes in the Dallas-Fort Worth-Arlington area fell 4.7 percent to $135,700 in the first quarter. Single-family homes in the Houston-Baytown-Sugar Land area fell 6.7 percent to $138,500 in the first quarter.
Out of 152 metropolitan statistical areas tracked by the NAR report, 134 reported lower median prices for existing single-family homes when comparing the first quarters of 2009 and 2008. Eighteen markets in the United States had price gains.
The national median sales price on an existing single-family home was $169,000 in the latest quarter. This is 13.8 percent below the median sales price in the first quarter of 2008.
First-time buyers accounted for half of all purchases during the first quarter, with many families taking advantage of deals on distressed or foreclosed properties, according to the Washington, D.C.-based organization.
Lawrence Yun, chief economist for the National Association of Realtors, says this wave of first-time homebuyers is critical for a recovery in the housing market.
“Housing affordability conditions are at record high levels and we expect a measurable increase in home sales during the second half of the year, which would help stabilize prices in most areas,” Yun says.
Mortgage data from Freddie Mac shows that the average interest rate on a 30-year conventional fixed-rate mortgage fell to a record low 5.06 percent in the first quarter of 2009. During the first quarter of 2008, the average rate was 5.88 percent.
First-time buyers have also been inquiring with their Realtors about the $8,000 tax credit made available to them through the American Recovery and Reinvestment Act. Homebuyers can still file an amended tax return for money they can use to apply toward the purchase of their first home.
First quarter sales do not reflect the full impact from the first-time home buyer tax credit, according to the NAR report.
(Article from the San Antonio Business Journal)