Home sales are sliding and inventory is expanding in the San Antonio area but prices are still climbing.
Home sales in the San Antonio area have fallen for the past 11 months, according to data from the San Antonio Association of Realtors.tumbled for an 11th consecutive month in February as higher mortgage rates and prices sidelined buyers and spooked sellers.Buyers in Bexar and surrounding counties closed on 2,287 homes last month, down 17 percent from a year ago, according to the latest data from theAs sales have slowed, the supply of homes has expanded. It was at 3.
The U.S. average for a 30-year fixed-rate mortgage was 6.6 percent as of Thursday, down from 6.73 percent a week earlier but up from 4.16 percent a year earlier, according to mortgage financing giant Freddie Mac. As the combination of higher rates and prices added hundreds of dollars to average monthly payments, San Antonio-area home sales fell 11 percent in 2022 — the first annual decline since 2010. The median sale price jumped 13.1 percent to $320,000 and the tight supply of available homes loosened, with inventory rising from 1.4 months to 3.1 months and active listings increasing 41.7 percent.
Rents are higher, too. The median rate in the San Antonio metro area was $1,275 last month, up 3.3 percent year-over-year, according to home search website Apartment List. Median rents rose 3.7 percent in 2022 and are up 0.4 percent year-to-date in 2023.
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