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The decline in home sales could be a result of higher interest rates, with mortgage rates topping 6% this week for the first time since 2008.
The San Antonio housing market continues to show signs of distress as its median asking price declined for a third consecutive month.
The median asking price for homes here hit $339,200 in August, according to the San Antonio Board of Realtors' newest market report, released Monday. The local median asking price peaked in May at around $348,800.
Beyond that, nearly half of the homes on the market in San Antonio this August experienced a price reduction — a 19.2% increase from a year ago, according to Redfin.
The number of San Antonio home sales also are in decline. Only 3,272 single-family homes were sold in and around the Alamo City last month, down from 3,333 in July and a whopping 13% drop from August 2021.
At he same time, available inventory continues to climb, according to SABOR's market reports archive. The city had 9,570 active listings in August, the highest number since at least September 2020.
The slip in San Antonio's housing market comes as rates for a 30-year fixed mortgage hit 6% this week, the highest rate since 2008, according to data from housing lender Freddie Mac.
Economists warn that borrowing costs could go even higher. Many anticipate another substantial rate hike next week as the Federal Reserve continues to try to stabilize inflation, which remained stubbornly high at 8.3% annually in August.
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