According to the online real estate brokerage report, more people backed out of home buying contracts in San Antonio than in any other major city in Texas, including Austin, where only 18% of home buyers decided not to go ahead with the sale.
Percent of Homebuyer Cancellations in Texas, according to Redfin:
- San Antonio: 25%
- Houston: 22.5%
- Fort Worth: 21.7%
- Dallas: 21.2%
- Austin: 18.8%
"Home-purchase cancellations may begin to taper off as sellers get used to a slower-paced market," said Redfin Deputy Chief Economist Taylor Marr in the report. "They'll likely start pricing their properties lower from the get-go and become increasingly open to negotiations."
The latest sign of San Antonio's slowing housing market comes after a recent report by Zillow found that 15% of those selling "mid-tier" homes in the Alamo City cut their asking price. Moreover, the number of active home listings in San Antonio has nearly doubled since April of this year, according to data from the San Antonio Board of Realtors.
News of San Antonio's cooling housing market comes as the average national rate for a 30-year-fixed climbed to 5.13% this week as the Federal Reserve continues to hike interest rates to combat inflation, which hit 8.5% last month.
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