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New and existing home sales combined for a 19% drop in November, compared to the same month of 2024.
The figures from the San Antonio Board of Realtors show "a more cautious pace among buyers."
Despite the significant slump, the board reports the median price of a local home on the market increase by 5% from the same month last year to $315,000.
"San Antonio's housing market remains steady overall, even as sales activity softens," said Katie Griffin-Ross, chair of the board. "Buyers have more negotiating room, while sellers continue to benefit from stable pricing."
Existing home sales make up the majority of sales activity, while new homes are sitting on the market longer and builders have adjusted to the trend, according to the board.
Around 92% of local home sellers are getting their asking price. Homes are sitting on the market an average of 86 days before being sold.
Statewide, home sales, were up more than 6% in November and the median home price in Texas stood at nearly $330,000, less than a 1% increase over the same month last year.
Home rentals are up by a 19% increase over last year. Average residential rent is $1,788.
The National Board of Realtors is predicting a 14% increase in total home sales in 2026 due to anticipated lower mortgage rates.
