There are some indications that the San Antonio area housing market is continuing to stabilize. Cash sales in the San Antonio-New Braunfels area market were down 2.8 percent for the month of July compared to the same period a year ago. That’s according to a new report by CoreLogic.
The cash sales share in the San Antonio area was 26.5 percent for the month, less than the 30.8 percent rate worth of real estate sales nationally. The national rate of cash sales is actually down from 34.2 percent in July 2014.
Why are cash sales important? They are an important barometer on the housing market. The cash sales share peaked in January 2011 when cash transactions made up 46.5 percent of total home sales nationally. Prior to the housing crisis, the cash sales share of total home sales averaged about 25 percent. If the cash sales share continues to fall at the same rate as it did in July, the U.S. housing market should hit pre-recessionary levels by mid-2017.
By: James Aldridge