Almost half of San Antonio-area homes experienced price cuts amid cooling real estate market

The Alamo City area’s once-scorching housing market is continuing to cool.

According to a new report by online broker Redfin, 44% of homes on the market in the San Antonio-New Braunfels metro underwent a cut in asking price in July. That’s nearly double the percentage of homes with price cuts during July 2021.

Other big Texas metros experienced similar price reductions.

In Austin, 46% of listed homes tallied price cuts in July, and around 45% in Dallas and Fort Worth experienced reduced asking prices. Austin, Dallas, Fort Worth and San Antonio were all among the top 20 U.S. cities with the highest percentage of price reductions for the month, according to Redfin.

Redfin’s report comes out three months after a Moody’s Analytic study reported that real estate in the Texas triangle — which encompasses Dallas-Fort Worth, Houston, San Antonio and Austin — is overvalued by a minimum of 30%. Specifically, the San Antonio-New Braunfels metro was overvalued by 35.5%, while Austin-area homes were overvalued by 61%, according to the analysis.

Nationally, the markets Moody once reported as being among the most overvalued are among those experiencing the most significant percentage of price cuts, Fortune magazine reports.

Stay on top of San Antonio news and views. Sign up for our Weekly Headlines Newsletter.

Related Stories

Billboards in California use mass shooting in Uvalde to deter people form moving to Texas

‘The Texas Miracle Died in Uvalde,’ the billboards spotted around Los Angeles and San Francisco read.

Texans work longer hours but earn less than people in other parts of the United States

Although Texas was named the No. 5 hardest-working state in the nation, other states that worked less had higher median incomes.

An investor buying spree, not a housing shortage, drove San Antonio’s home price surge

Investors purchased 46% of homes in Bexar County in 2021, according to a report by the National Realtors Association.

H-E-B shoppers can now bank where they shop for groceries via the chain’s new debit card

H-E-B’s new debit card acts more like a savings account than other traditional store-branded debit cards, company officials said.

Poverty up, incomes down in San Antonio, according to new U.S. Census data

Poverty increased by about 0.2% since 2019, while the median income declined around $2,000 when adjusted for inflation.

Median asking price for San Antonio homes falls for a third consecutive month

Although prices and the number of home sales fell in the Alamo City, available inventory continued to increase.

Annual salary needed to afford a median-priced home in San Antonio skyrockets to $87,000

The salary needed to afford a median-priced house in San Antonio jumped 49.4% from 2021, according to Redfin.

San Antonio’s real estate market continues to descend into correction territory

Home sales dropped nearly 20% since last year, with prices declining around 8% from their peak in May.

This article appears in Sep 7-20, 2022.