Median home price in San Antonio reaches new high, as do mortgage rates

The median San Antonio home price hit nearly $348,800 in May — a 2.9% increase from the previous month, according the San Antonio Board of Realtors.

That new media price represents a 24% increase from a year earlier, according to SABOR. But as mortgage rates continue to climb to highs not seen since 2008 and inventory continues to increase, sales have slipped.

Last month, home sales dipped 2% from the previous year, according to SABOR. That’s slightly less than the 7.6% drawback tallied in April.

In a bid to quell soaring inflation, which hit 8.6% in May, the Federal Reserve raised interest rates by 75 basis points on Wednesday, according to CNBC. Although the move seeks to curb the worst inflation since 1981, the decision also sent the average 20-year fixed mortgage flying to rates of 5.78% on Thursday, according to the Wall Street Journal.

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This article appears in Jun 15-28, 2022.