SAN ANTONIO (KTSA News) — New home prices are dropping in San Antonio, and Texas home builders are offering more incentives to buyers.
The nation’s top-ranked real estate agent and CEO of HomesUSA.com says the Days on Market metric is increasing and the housing market is now normalizing.
“As inventory goes up and the pace of new home sales continue to slow, builders are seeing a more normal real estate market – quite a change from August 2021 when new homes were flying off the shelves,” said Ben Caballero.
According to the HomesUSA.com New Home Sales report based on MLS data, home sales in San Antonio went up in October, 574 versus 510 in September. San Antonio’s average home price in October was $390,159, more than $10,000 lower than its $400,473 average price in September.
Builders are facing mounting pressure in all four of Texas’ top housing markets (Houston, Dallas-Ft.Worth, Austin and San Antonio) as inventory rose for the sixth straight month, with local MLSs showing active listings in October totaling 25,887 versus 24,277 for September.
“Home buyers are benefiting from a more balanced market,” Caballero added. “But the strength of this new home market – and builders – remains incredibly resilient, considering the impact on buyers from rising interest rates.”
The average new home price in Dallas-Ft. Worth fell slightly in October to $500,437 from $502,686 in September. The average price in Houston dropped marginally in October to $429,205 from $429,225 in September. Austin’s average price in October was $531,347, down a little more than $10,000 from its September average of $541,563.