The Alamo City metro also had the second-worst decline in pending home sales, according to a new report.
Median sale prices in the San Antonio metro have dropped 1.6% since September 2022, while pending home sales plummeted 24.7% during that same time.
The San Antonio area posted one of the steepest year-over-year drops in both median home prices and pending home sales of any U.S. metro, according to a newMedian home prices in the Alamo City metro are down 1.6% since September 2022, meaning the area posted the nation's fourth-largest decline for the period, according to Redfin. Meanwhile, pending home sales in the San Antonio metro slid 24.7% over that same period — the nation's second-largest drop.
Despite the drop in median home prices in the San Antonio metro, the median sale price in the U.S. increased 3.4% year-over-year, according to the data. The steepest rise occurred in the Miami metro, where prices increased 14.4%. Austin experienced the biggest drop in median sales prices, declining 4.5% year over year. Another Texas city, Fort Worth, had the second-largest decline in median sale prices, falling 2.2%. it comes to the largest drop in pending sales, Seattle had the dubious distinction of leading the way with a 25.8% decline, according to Redfin. Nationwide, pending home sales slid 13%.
The declines for San Antonio shouldn't come as much of a surprise. A May 2022 report published by Florida Atlantic University's business school calculated that homes in San Antonio were overvalued by 31%, as
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