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The San Antonio housing market continues to grow at a rapid pace and set new sales records. Year to date sales are already on track to break the record number of sales recorded just last year. Additionally, the Real Estate Center reported that in the San Antonio market new monthly records were set in: number of homes sold, total dollar volume of transactions, median price, and average price.
There were 1,758 properties sold in the month of April compared with 1,695 sold at this time last year, a difference of 3.7 percent. The Real Estate Center at Texas A&M also reported the sale of 6,168 properties in the first four months of 2005, a sales pace which is 8.2 percent faster than last years record breaking pace.
The dollar volume of transactions set a new high for the month of April when it surpassed $263 million. This 13 percent increase in dollar volume can primarily be attributed to the appreciation of home prices and the hotter San Antonio housing market.
The median price in this market continues to rise and did reach $125,300 this April, an increase of 11.4 percent last year. Despite the increase from last years numbers, home prices in San Antonio still remain significantly below the national average of $193,600 and slightly below the state average of $131,900.
The good news is that we are entering the summer housing market, which has always been the powerhouse of the home sale market. Lower than expected mortgage rates should keep the market strong in the coming months and we will likely see another record sales year for the San Antonio market.
Source: Real Estate Center at Texas A&M
Federal Home Buyer's Credit Program
$8,000 First-time Home Buyer Tax Credit at a Glance
The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The tax credit applies only to homes priced at $800,000 or less.
The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
The tax credit applies only to homes priced at $800,000 or less.
The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
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$8,000 First-time Home Buyer Tax Credit at a Glance 