In a sign that home buyers and sellers may be getting used to higher mortgage rates, sales in the San Antonio area increased during the first three months of 2024. Buyers in Bexar and surrounding counties closed on 7,948 homes through March, up 8% from the same three-month period in 2023, according to new data from the San Antonio Board of Realtors. Sales climbed 11% in January, 14% in February and 3% in March.
Home sales hit a 5-year low in 2023, but buyers flocked to new builds After remaining above 7% for much of last fall, 30-year fixed mortgage rates dropped to the mid- and high-6% range during the first quarter, according to mortgage giant Freddie Mac. The median sale price in the San Antonio area fell 3% to $300,000 during the same stretch.
Massive development set for 2,000 acres of ranchland on San Antonio’s Southeast Side Thirty-year fixed mortgage rates rose above 7% in mid-April and averaged 7.22% during the week ended Thursday — the highest in five months. Pending listings locally, an indication of future activity, were down 19% in March compared with the same month last year.