REAL ESTATE REPORT
New report shows San Antonio home prices drop while overall sales stay steady
For the fourth straight month, San Antonio new home sales have slowed despite a statewide average price drop, according to the latest HomesUSA.com report. The report uses Multiple Listing Services (MLS) data to determine the status of the San Antonio and statewide real estate markets.
The city’s three-month moving average for the amount of time new homes spent on the market in January was 73 days, which is a four-day increase from December 2022. In January of last year, homes spent an average of 23 days less on the market when compared to last month. The total number of completed new home sales also decreased in January while active listings stayed flat. These findings are consistent with MLS’ data showing a potential statewide sales decline.
In good news, buyers are seeing an improvement when it comes to new home prices. The average home price decreased from $396,487 in December 2022 to $393,316 last month. Additionally, the three-month moving average of the sales-to-list price ratio in San Antonio has dropped for the sixth straight month.
Despite the drop in completed home sales, overall sales are showing stability thanks in part to the price drops. The results are demonstrated in the pending new home sales data for January, which had its highest increase in nine months. There were 674 pending sales last month, up from 596 in December.
HomesUSA.com CEO Ben Caballero says San Antonio’s new home sales indicate the market’s “remarkable stamina.”
“Statewide average new home sales are still strong, despite all the challenges builders face,” Caballero shared in a statement. “But keep in mind as inventory rises, builders are listing more homes, which increases sales reported to MLSs.”
More information about the report can be found at HomesUSA.com.