Home sales saw a fourth straight month of declines in the San Antonio area, dropping 15% in July, compared to the same time period last year.
The San Antonio Board of Realtors reports countywide homes sales were down nearly 17% in July compared to 2021. High prices and increased mortgage rates and inflation have all been cited as factors in the decline of home sales locally and nationally.
While home sales are dropping, home sellers are apparently not panicked yet. SABOR reports the San Antonio area saw an increase of 12 and 15% in average and median home prices, respectively, from the same time last year. According to the Multiple Listing Service Report, which reports all areas contained within the MLS, the average price of a home was $389,486 and the median price was $341,600 in July 2022.
The average number of days a home stayed on the market increased to 27 days. The price per square foot also saw an increase of 35%, now at $186.
“Though the average and median price of a home continues to rise, this is the fourth month in a row we are seeing a decrease in home sales,” said Tracie Hasslocher, SABOR's 2022 Chairman of the Board. “3,333 homes were sold in July, a decrease of 15% from July 2021. To close the month, there were 5,114 new listings and 9,068 active listings, both an increase from last year. However, there was a 12% decrease in pending sales.”
The San Antonio-New Braunfels MSA report shows July 2022 closed with 3,341 sales, 5,160 new listings, 8,686 active listings, and 2,809 pending sales. The average price for a home in the area increased 13.5 percent to $395,092. The median price also increased 14.6 percent to $338,000 About 99.6% of homes sold for their listing prices and were on the market for an average of 27 days, according to a news release from SABOR.
Home sales in Bexar County also saw a decrease of 16.8% in July 2022 with 2,325 homes sold. The price per square foot increased to $177. The average home price for the area increased 13.6 percent to $368,139 and the median price increased 14.3 percent to $320,000.
Other major counties in the state also saw increases in average and median prices. Travis County reported a median price of $646,325, Harris Co. $335, and Dallas Co. at $377,575.
Across the state, there were 30,847 homes sold, a decrease of 15.4 percent from July 2021. Average home prices increased by 10 percent and median prices by 12.7 percent.
Texas homes stayed on the market for an average of 26 days, with 2.5 months of inventory and 99.1 percent selling for their list price. The state closed the month with 48,934 new listings, 78,675 active listings, and 29,736 pending sales, SABOR reported.
