Despite a slowdown in real estate markets nationwide over the summer, home sales in the Alamo City picked up significantly last month, according to the latest numbers from the San Antonio Board of Realtors (SABOR).
Indeed, single-family home sales jumped 19% this October compared to the same month in 2023, according to SABOR. That’s the largest year-over-year jump in the past 12 months, according to the group’s data.
“San Antonio’s housing market remains stable with robust sales growth, consistent pricing, and ample inventory, which supports a balanced market moving forward,” SABOR’s Chair of the Board, Will Curtis, said in a statement to TV station KSAT. “As we continue to see strong demand for homes in our region, particularly in the $200,000 to $499,000 price range, buyers and sellers can expect a resilient market environment.”
Although home sales increased locally, the price of single-family homes largely remained flat, averaging $371,547. That’s roughly the same average as 12 months ago, according to SABOR.
The sudden warming of the previously ice-cold San Antonio housing market is likely due to declining interest rates.
Mortgage rates hovered just below 8% last October as the Federal Reserve tried to tame high inflation. However, with inflation down around 2.6% last month, the Fed has cut interest rates. The rate on a 30-year fixed mortgage now sits at 6.84%, according to mortgage lender Freddie Mac.
Meanwhile, rents in the San Antonio metro area have stagnated, other data suggest.
The average rent for a one-bedroom apartment in San Antonio jumped only 3.8% compared to last year, while the cost of a two-bedroom apartment declined 0.7% over the past 12 months, according to a report rental marketplace Zumper released this week.
Zumper attributed the slowdown in San Antonio’s rental market to seasonal demand, which is lower in the fall.
Subscribe to SA Current newsletters.
Follow us: Apple News | Google News | NewsBreak | Reddit | Instagram | Facebook | Twitter| Or sign up for our RSS Feed
Related Stories
San Antonio’s property taxes the ninth-fastest growing in the U.S., study finds
San Antonio and Texas housing bubbles may have popped, new data suggests
San Antonio mayor lauds opening of mostly market-rate public housing complex downtown
San Antonio developer Weston Urban places bid on affordable housing complex
San Antonio will continue to see population boom next year, real estate experts say
Two San Antonio-area ZIP Codes rank among nation’s hottest real estate markets
This article appears in Nov 13-26, 2024.
