San Antonio’s housing market began cooling last spring.
Buyers in Bexar and surrounding counties closed on 3,487 homes last month, a decline of 3 percent from May 2022, according to the San Antonio Board of Realtors.Home sales in the San Antonio area tumbled in May for the 14th straight month, though the decline wasBuyers in Bexar and surrounding counties closed on 3,487 new and existing homes last month, down 3 percent from May 2022, according to the latest data from the San Antonio Board of Realtors.
The median sale price also fell in May, sliding 3 percent to $324,750 from the same month last year. It dropped in March for the first time since November 2015.The missing link — The equipment shortage that’s slowing construction of housing across San Antonio The current supply would take house hunters 3.7 months to buy, more than double what inventory was in May 2022, and the average time a home spent on the market soared to 65 days last month, more than double what it was a year earlier. New listings — new homes hitting the market — were down about 1 percent.Statewide sales fell 6 percent in May year over year, and the median price declined 4.1 percent to $350,000.
“As inflation continues to decelerate, economic growth is slowing and the tightening cycle of monetary policy is reaching its apex, which means mortgage rates are expected to decrease later this year and into next,” Sam Khater, Freddie Mac’s chief economist, said in a statement. Increases in rental rates are subsiding too. The median rent in San Antonio was $1,235 in May, up about 0.7 percent from a year earlier, according to home search site Apartment List.
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