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Home sales drop again, but buyers still paying the asking price

Row of new homes under construction in a far west Bexar County subdivision
Brian Kirkpatrick
Texas Public Radio
Row of new homes under construction in a far west Bexar County subdivision

There are fewer buyers in the San Antonio real estate market as mortgage rates rise, but those buyers who are shopping are still willing to pay top dollar for a home.

The San Antonio Board of Realtors reports a five-month downward trend continued in August. According to the Multiple Listing Service Report for San Antonio-New Braunfels, 3,356 homes were sold in August, a decrease of 9.8% from the same month in 2021.

Bexar County as a whole saw home sales drop 16% in the same month-to-month, year-to-year comparison. Much of the county's new home construction is in unincorporated areas, such as in far West Bexar County, where miles of new rooftops can be seen.

While home sales are down once again, prices continue to go up. The month of August saw a 14% increase in the average price of a home to $391,467.

"The San Antonio seller's market is moving towards a balance as interest rates are slowly down the demand," explained Tracie Hasslocher, SABOR's chairman, "but the prices are going to remain competitive due to short supply and more people moving to Texas due to jobs and the fact that our housing is much more affordable than other areas in the state and, of course, the country."

She said the vast majority of sellers are not showing wiggle room on prices.

"Ninety-eight-point eight percent of those listings sold for their list price,” she said.

The average number of days a home stayed on the market went up to 30 — 6 more days than this time last year, SABOR reported.

Other major counties in the state also saw increases in median prices, however, Bexar County remains the lowest. Travis County reported a median price of $600,000, Harris County reported a median price tag of $327,000, and Dallas County reported its median value at $365,000.

Across Texas, there were 31,742 homes sold, a decrease of 11.8 percent from August 2021. Median prices increased by 11.5%. Homes stayed on the market for an average of 31 days, with 2.6 months of inventory and 97.4% selling for their list price.

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