San Antonio home sales see biggest drop since pandemic lockdowns as prices, rates sideline buyers - San Antonio Express-News

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7 months a year earlier, it’s still well below the 6 months of inventory generally considered to represent a balance between supply and demand.
4 percent from a year earlier.
4 percent from a year earlier.
2 percent from a year earlier.
That was double the payment a year earlier, according to the association.

San Antonio home sales see biggest drop since pandemic lockdowns as prices, rates sideline buyers - San Antonio Express-News

San Antonio-area home sales last month saw the biggest decline since the beginning of the coronavirus pandemic as higher mortgage rates and prices sidelined prospective buyers. Other signs the market is cooling: Homes are staying on the market longer and inventory is expanding. New data from the San Antonio Board of Realtors shows 3,333 homes were sold in Bexar and surrounding counties in July, down nearly 15 percent from a year ago. That was the biggest year-over-year drop since May 2020, when sales fell 20 percent amid pandemic lockdowns. July also was the fourth consecutive month of declining monthly sales. “Although rates continue to fluctuate, recent data suggest that the housing market is stabilizing as it transitions from the surge of activity during the pandemic to a more balanced market,” said Sam Khater, chief economist at mortgage giant Freddie Mac. Inventory of homes for sale rose to 2.7 months in July. While that’s up from 1.7 months a year earlier, it’s still well below the 6 months of inventory generally considered to represent a balance between supply and demand. The average time a house was on the market last month was 27 days, up from 25 days in July 2021. Behind the slowdown are prices that keep climbing, squeezing prospective buyers. The median sale price in July was $341,600, up 15.4 percent from a year earlier. Another factor is mortgage interest rates that have risen significantly in the past year. Average rates for a 30-year fixed-rate mortgage were 5.22 percent for the week ended Thursday, up from 4.99 percent a week earlier and 2.87 percent a year ago, according to Freddie Mac. At the current rate, a buyer would pay $1,503 a month for a $273,280 loan for a median-priced home in San Antonio. That’s $370 more per month than a year ago. “Declines in purchase demand continue to diminish while supply remains fairly tight across most markets,” Khater said. “The consequence is that house prices likely will continue to rise, but at a slower pace for the rest of the summer.” Across Texas, buyers purchased 30,847 homes in July, down 15.4 percent from a year earlier. The median price rose 12.7 percent to $355,000. S.A. VOTES Voter Guide: What to know for the Texas runoff election A breakdown of key state and local races and candidates in the May 24 primary runoff. Sales are also falling nationwide. The National Association of Realtors has not reported July figures but said June sales of existing homes dropped 14.2 percent from a year earlier. Inventory increased to 3 months from 2.5 months and the median price rose 13.4 percent to a record $416,000. “Falling housing affordability continues to take a toll on potential home buyers,” said Lawrence Yun, the trade group’s chief economist. “Both mortgage rates and home prices have risen too sharply in a short span of time.” In the second quarter — April through June — the monthly mortgage payment for a typical home with a 20 percent down payment reached $1,841. That was double the payment a year earlier, according to the association. madison.iszler@express-news.net
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