real estate report

San Antonio housing market becoming more balanced as sales climb

“Despite the gyrations in mortgage rates, the market is finding balance,” HomesUSA.com CEO Ben Caballero said.

In what looks like signs of normalizing for both homebuyers and sellers, the San Antonio real estate market is seeing sales climb while prices fall.

The latest report from HomesUSA.com stated new home prices have fallen since February, with the average new price now at $375,551, which is $12,173 lower than last month.

HomeSalesUSA.com CEO Ben Caballero said in a press release that builders are attempting to avoid slashing prices by providing incentives for buyers and bonuses for agents. He said he does expect these measures to continue. He commented that San Antonio’s new home sales were “tenacious.”

“Despite the gyrations in mortgage rates, the market is finding balance,” he said.

March had the highest reported Multiple Listing Services (MLS) total monthly sales in San Antonio in about a year. The three-month moving average for new home sales last month was 644, which is 73 more sales than February.

The MLS spike can mostly be attributed to builders listing homes that were previously sold on a waiting list, according to Caballero. Interest rate jumps meant disqualified buyers pulled out from purchasing, therefore causing inventory to increase. Then the builders listed those homes in the local MLS.

While active listings decreased in March, pending new home sales increased to their highest level in nearly a year to 912. Homes are also staying on the market longer since last month’s report with the average at nearly 86 days in March, which is a 33-day increase year-over-year from 2022.

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bang for your buck

San Antonio ZIP code is 4th most affordable place for renters in U.S.

Photo by Florian Schmid on Unsplash

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Trying to afford buying a home in San Antonio is difficult enough with current mortgage rates, and doubly so if you're already paying high rent on an apartment or a house. But there are six San Antonio ZIP codes where renters can get the most bang for their buck, according to a new study by financial services company CashNetUSA.

To find the most affordable ZIP codes for renters in the U.S., analysts compared median household incomes by ZIP code to the average annual rent costs in those areas using the Zillow Observed Rent Index. ZIP codes where the average annual rental constituted the lowest percentage of median household income were considered the "most affordable."

San Antonio's 78248 ZIP code specifically stood out as the No. 4 most affordable in the country, and the No. 1 most affordable in Texas. This area encompasses the north San Antonio neighborhoods of Inwood, Forests at Inwood, Oakwood, The Park at Deerfield, Canyon Creek Bluffs, Canyon Creek Village, Blanco Village, Deerfield, Cadillac Drive, and Churchill Estates.

According to the study's findings, the average monthly cost of a rental in 78248 comes out to $1,259.17, and the median annual income of a household in the area is $122,986. Analysts then calculated that the annual rent of a home in this ZIP code only takes up 12.29 percent of a household's median income, which is the fourth-lowest in the nation.

CashNetUSA found the No. 1 most affordable ZIP code for renters nationwide is 66224 in Leawood, Kansas, where annual rent only takes a 10.57 percent cut out of a household's median annual income.

Elsewhere in Texas, two Houston-area ZIP codes – 77401 and 77094 – ranked No. 9 and No. 12 nationally, while Allen's 75013 ZIP code fell two spots behind to claim the No. 14 spot.

The most affordable San Antonio-area ZIP codes for renters
CashNetUSA further unveiled the five most affordable ZIP codes across major U.S. cities, including in San Antonio, Austin, and Houston.

Following 78248 (which took the No. 1 spot citywide) is 78261 (No. 2), which spans east of Highway 281, across Smithson Valley Road. Rent costs in this ZIP code averaged out to $1,698 per month, the report found.

Landing in the No. 3 spot is 78258, which includes Rogers Ranch, The Vineyard, Stone Oak, Summit, Hidden Canyon, and Big Springs neighborhoods. The report said average rent in the area comes out to $1,507 per month, which takes up 17.54 percent of a household's median annual income.

The remaining top two most affordable ZIP codes for San Antonio renters are located in 78259 (Encino Park, Encino Ranch, Cavalo Creek Estates, Northwood Hills, Summit at Bulverde Creek, Roseheart, Redland Woods) and 78260 in Timberwood Park, which is about 25 miles north of downtown San Antonio.

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