SABOR: homes in San Antonio are spending less time on market

SAN ANTONIO – The housing market remains as hot as the city’s so-called fall weather, according to the August 2014 Multiple Listing Service report by the San Antonio Board of Realtors (SABOR).

At the end of August, homes were spending an average of just 60 days on the market — a 14 percent decrease from August 2013.

The local inventory level, meanwhile, remains at a very lean 4.5 months. By comparison, the national inventory level presently stands at 5.5 months.

A total of 2,468 home were sold in August — a 2 percent increase from the 2,416 homes sold over August 2013.

The average home price, as of August 2014 stood at $222,993 — a 6 percent increase from the average of $209,413 posted a year ago. The median price of a home in greater San Antonio now stands at $183,300 — up 5 percent from the median of $175,100 as of August 2013.

Homes priced under $200,000 continue to account for the bulk of home sales in the greater San Antonio housing market — to the tune of 56.9 percent of all sales reported in August.

Homes priced between $200,000 and $500,000 accounted for 38.7 percent of the market. Homes priced over $500,000 accounted for 4.5 percent of home sales, while homes priced over $1 million accounted for 0.5 percent of all homes sold in August.