San Antonio home sales continue to decline in February, latest report shows
REAL ESTATE REPORT
Home prices went up and sales went down in February, an inauspicious prediction for both homebuyers and sellers in San Antonio’s real estate market. That’s according to the latest market report from the San Antonio Board of Realtors (SABOR).
The latest Multiple Listing Service (MLS) data shows steady price increases in the San Antonio area. The average home price is now at $365,679, an $8,700-plus increase from 2022. Median home prices have hit $310,000, which is a smaller increase from last year, but $50,000 more than 2021.
Despite new home construction skyrocketing at the same rate, existing home sales have dropped by 28 percent. Homes are also staying on the market much longer than they did in February 2022, at around 70 days.
SABOR’s 2023 board chair Sara Briseño Gerrish shared her insights on the current market.
“The months of inventory is being reported at 3.3 and 93.5% of homes closed of their original listing price,” she said. “To close February, there were 3,531 new listings, 2,407 pending listings and 9,712 active listings.”
To add to February’s home sale woes, Bexar County saw a 16.4 percent decline with only 1,612 closed listings, while average prices increased 4.4 percent to $341,204.
Statewide, only 21,838 homes were sold in February, a 14 percent decrease year-over-year.
The full report can be found on sabor.com.