aUsually that number is closer to three percent.a In August, homes priced over $500,000 accounted for 3.9 percent of units sold in the San Antonio MSA, SABOR reports. Homes priced from $200,000 to $500,000 accounted for 36.6 percent of sales. Homes priced below $200,000 accounted for 59.3 percent of home sales in greater San Antonio. The pace at which homes here are selling has also increased significantly, according to the latest SABOR analysis. Homes spent an average of 69 days on the market in August. A total of 2,413 homes were sold over the 31 days ended August 31 a a 15 percent increase from the number of homes sold last August.
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Bay Area housing market cooling
The worry now is whether a soft patch revealed in August will continue and perhaps reverse the momentum if mortgage rates and home prices climb further. That is obviously a concern, said Tim Underwood of MarketGraphics of Nebraska, whose company monitors housing and construction activity for the Omaha area. Everyone is looking at interest rates, trying to figure it out. Nationally, the average 30-year, fixed-rate mortgage reached 4.8 percent last week, up from 3.3 percent in early May, which translates into higher monthly loan payments. While still low by historic standards, the sudden spike and looming expectation that the Federal Reserve will wind down its bond-buying program has ramped up concern that future mortgage rates could choke off property management maryland sales, especially with more vulnerable younger and first-time home buyers like Kazebeer and Squires.
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Omaha’s housing market on record sales pace, but rising rates a concern
“Earlier in the season it was much busier with multiple offers, and people were bidding higher than what I was offering,” Kabel said. “Now it’s calmed down quite a bit. Places are staying on the market longer, prices are dropping and there’s much less competition.” That means shopping for a home is likely to be less of a challenge in the coming months, said DataQuick’s Andrew LePage. “Compared to the last four to five months, the evidence is that it will be a pleasurable experience for home shoppers,” he said.
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