real estate report
San Antonio sees biggest drop in home sales in years, but prices continue to rise
For the eighth month in a row, San Antonio home sales are on the decline. Last month, home sales dropped 24 percent from the previous year, according to the San Antonio Board of Realtors' November 2022 report. It's the biggest drop in year-over-year sales since May 2020, at the height of the pandemic.
Despite dropping sales, home prices continued to climb year-over-year, reinforcing the trend that has defined the local market in 2022. Last month, the San Antonio market's average home price grew 4 percent year-over-year to $372,126, while the median price was up 5 percent to $314,625.
Homes also spent more time on the market this November compared to last, and inventory was also on the rise, with active listings up 90 percent from last year, says SABOR chairman Tracie Hasslocher.
“In November, there was a significant increase in the number of days a home stayed on the market,” Hasslocher notes in a release. “Compared to the same month in 2021, homes were on the market for 52 days, that’s a year-over-year hike of 68 percent."
Looking at 2022 as a whole, SABOR reports the average San Antonio home has sold for $380,176 this year, and the median price for all homes sold in 2022 is $323,000.
At the county level, Bexar clocked in with a median home price of $299,938 last month, making it the most affordable of Texas' major counties.