Well we are not jumping up and down in Texas about our real estate market nor are we wearing sack cloth. We are steady or holding even in the residential sector. A recent newspaper article even said there were "modest" gains. Better news than what we have been seeing for about the past 18 months.
The San Antonio market has fared well, as has Texas, in comparison to many other areas of the country. Our median prices dropped only 1 percent and bodes well for the South Texas area. A breakdown of Texas median home prices is:
Austin $185,000
Dallas $155,000
Houston $152,000
San Antonio $147,000
Ft Worth $113,000
Our median prices decreased between 1-3 percent which is relatively flat. This is good news for both buyers and sellers. Other areas of the country have seen more dramatic fluctuations in their median prices.
The end of 2009 saw sales volume increase 16 percent which may be due to the $8,000 federal tax credit. There are no firm numbers to support this theory, however it was the only stimulus available to buyers during the period.
The federal tax credit for first-time home buyers has been extended into the first half of 2010. Some expect to see similar numbers at least through the first two quarters of the year.
The information on the Texas real estate market was collected by the Texas Association of Realtors (TAR) using data from 47 Multiple Listing Services (MLS) across the state.
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