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Median sale prices in the San Antonio metro have dropped 1.6% since September 2022, while pending home sales plummeted 24.7% during that same time.
Median home prices in the Alamo City metro are down 1.6% since September 2022, meaning the area posted the nation's fourth-largest decline for the period, according to Redfin. Meanwhile, pending home sales in the San Antonio metro slid 24.7% over that same period — the nation's second-largest drop.
Redfin's report comes as high mortgage rates, which now stand at 7.19% for a 30-year fixed, are forcing homebuyers to the sidelines and leading to declines in sale prices.
Despite the drop in median home prices in the San Antonio metro, the median sale price in the U.S. increased 3.4% year-over-year, according to the data. The steepest rise occurred in the Miami metro, where prices increased 14.4%.
Austin experienced the biggest drop in median sales prices, declining 4.5% year over year. Another Texas city, Fort Worth, had the second-largest decline in median sale prices, falling 2.2%.
When it comes to the largest drop in pending sales, Seattle had the dubious distinction of leading the way with a 25.8% decline, according to Redfin. Nationwide, pending home sales slid 13%.
The declines for San Antonio shouldn't come as much of a surprise. A May 2022 report published by Florida Atlantic University's business school calculated that homes in San Antonio were overvalued by 31%, as previously reported by the Current.
The Federal Reserve opted not to raise interest rates again during its most recent meeting. Even so, the Fed warned that higher-than-anticipated interest rates could be the norm through 2025.
In other words, the the declines in the study are likely to continue.
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