The San Antonio Board of Realtors reports home sales across San Antonio, Bexar County and Texas saw a significant drop in June.
Homes sales were down 10.3% in June in Bexar County, down 9% in the San Antonio-New Braunfels metro area, and down 10.3% statewide, all compared to the same month of 2021. National Association of Realtors Chief Economist Lawrence Yun said nationwide contract signings are down largely because of rising mortgage rates as the nation grapples with inflation.
In San Antonio inventory remains tight, so despite in the decline in sales, prices continue to favor sellers.
“Although there is a slight decrease in sales, we continue to see an increase in median and average home prices in our area,” said Tracie Hasslocher, SABOR’s 2022 Chairman of the Board. “In June, there was an 18% increase in average home prices and a 20% increase in median prices compared to a year ago. The area also saw a 14% increase in price per square foot. 100.9% of homes sold for the list price and stayed on the market for an average of 29 days.”
The San Antonio-New Braunfels MSA report shows June ended with 3,672 closed sales, 5,409 new listings, 6,994 active listings, and 2,950 pending sales. The average price for a home in the area increased 18.3% to $405,891. The median price also increased to $345,000, a 20.2% increase. All of the homes sold for at least their listing prices and were on the market for an average of 28 days.
Home sales in Bexar County saw a decrease of 10.3% in June 2022. In total, 2,560 homes were sold in the area. All were snatched up for at least the listing price and the price per square foot increased to $180.
The average home price for the area increased 16.9% to $374,455 and the median price increased 18.2% to $325,000. But Bexar still remains the most affordable among the most populated counties in the state.
Travis County median prices are sitting at $649,863, compared to Harris County at $343,000, and Dallas County at $400,000, according to a SABOR news release.
Across Texas, 34,948 homes sold, a decrease of 8.6% from June 2021. The state saw an increase of 13.3% in average home prices and a 16.1% increase in median prices. The price per square foot also increased by 17.3%, now at $197. Homes stayed on the market for an average of 25 days, with 2.1 months of inventory and 100.9% selling for their list price. Texas closed the month with 54,073 new listings, 66,578 active listings, and 31,795 pending sales.