In San Antonio, home sales and inventory have returned to pre-pandemic levels. But prices and mortgage rates remain high, pushing some buyers to new builds.
Tired of watching his rent steadily rising, Maurice Hill began searching for a home to buy in January. In a shift from what he might have faced in recent years, Hill found he had plenty to choose from. He was looking for a place with three bedrooms, space for a study, a bathtub in the master bathroom and a price between $350,000 and $420,000. On the Northwest Side , real estate agents Mike and Chasmi Stewart helped him find a new house that fit the bill.
Zillow forecasts San Antonio housing market to be among nation’s coolest in 2024. Halfway through 2024, home sales in the San Antonio area have returned to pre-pandemic levels and the supply of available properties is expanding. It’s a dramatic shift from the pandemic, when historically low mortgage rates sent sales and prices soaring, inventory plummeted and buyers often found themselves in bidding wars to land a deal — if they could find a house at all.
National organization wants to work with San Antonio churches on using land for affordable housing The average of monthly median prices from January through June was $304,666. That was down from $310,627 during the period in 2023 and $317,724 in 2022, but still higher than the medians of $267,872 in 2021, $236,683 in 2020 and $226,335 in 2019.
Rising mortgage rates are keeping San Antonio homeowners locked in “When we went back to our budget, we realized we had to go even higher than we anticipated,” she said. “That was hard to wrap ourselves around.” Working with the Stewarts, they found a five-bedroom home near Six Flags Fiesta Texas and closed on the sale this month. Their three daughters are excited about the three bedrooms and bathroom they’ll share, which they’ve dubbed “a Jill and Jill,” Chagoya Cadena said.
Sales of new homes booming while those of existing home falling. Why? Another reason pre-owned homes are taking longer to sell is because some owners are “still pricing their houses like we’re in the pandemic,” Kirkman said. Then, when they don’t receive offers, some are repeatedly reducing the price, a move that can scare off potential buyers wondering whether prices dropped because of problems with a house, Kirkman said.
Federal Reserve New Horizon Mortgage Inc Zillow Texas Real Estate Research Center Texas A&Amp M University Maurice Hill Mike Lynn Kirkman Stewart Anderson Jenna Chagoya Cadena Chasmi Stewart Bryan Glasshagel David Cadena Jill Jill San Antonio New Braunfels U.S. Boerne Zonda Six Flags Fiesta Texas Northwest Side Stewarts
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