Between soaring mortgage rates and fluctuating home prices, home buying in today’s market can be a tough endeavor. However, San Antonio homebuyers have one thing going for them — a decrease in median sale prices.
According to a recent Redfin report, San Antonio experienced a 1% decrease in median home sale prices in August 2023 compared to August 2022. San Antonio is only one of nine metropolitan areas feeling the slight decline. Other area include the growing area of Austin, which had one of the highest decreases in median home prices with 6%. Fort Worth showed a 2.5% decrease in median home prices.
A few weeks ago, daily 30-year fixed mortgage rates hit 7.49%. Rates have since decreased to 7.33% as of Wednesday, September 6. However, they are still far above where they were last year when interest rates were 6.12%. While rates may be slowly declining, home prices continue to stay at a national high with the average monthly mortgage payment of $2,612 potentially causing a drop in home loan applications, according to the report.
Redfin cited a supply shortage to be one of the biggest culprits in rising home prices. Inventory reached the lowest its been since February 2022. The report found that new listings are down 9% since this time last year. For July 2023, the San Antonio Board of Realtors (SABOR) reported a 17% drop in new home listings compared to July 2022.
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