San Antonio Real Estate Market Update – 4/6/2009
Housing supply in San Antonio moves downward.
This week the inventory of homes on the market continued its downward direction. As more buyers enter the market taking advantage of the low interest rates, the first time home buyer tax credit, and entering the spring/summer buying season, the downward move in inventory is expected to continue. Even though new homes are being listed, buyers are buying more homes than new entries onto the market, pushing inventory lower. Although this is good news, it is not an overall indication of which direction the market is heading.
Market conditions best determined by Market Action Index.
The Market Action Index is a statistical look at the current rate of home sales versus the current home inventory. Using this calculation, we get a good illustration of the balance of supply and demand. San Antonio is still considered a buyer’s market (a value below 30 on the Market Action Index), but recently has begun an upward trend.
If the Market Action Index trend continues to climb and inventory levels continue to decline, expect to see home prices trend upwards. Home prices are directly affected by the laws of supply and demand; as inventory shrinks (supply) and buyer interest levels go up (demand), prices will follow demand.
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