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Reports of a 10% drop in San Antonio home sales last month are a bit skewed because of a big decline in just one key sector.
The resale of single-family homes and resale of condos were actually up 7% and 2%, respectively in July.
But the chair of the San Antonio Board of Realtors—Ed Zapata—said a big drop elsewhere hurt the overall sales numbers.
"The new construction sales were down 32% and that could be, you know, a contribution of different factors including the inventory and when they reported their sales."
Zapata said San Antonio's seven-month supply of home sales makes it a buyer's market.
He said he expects sales to remain flat to slightly up in the months ahead as potential home buyers worry about the economy and interest rates.
The board reports that despite the slowdown, home prices continued to rise. The median price reached $330,000 in July, up 4% compared to the same month last year.
