real estate report
San Antonio housing market becoming more balanced as sales climb
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.