Sep 29, 2023 - News

San Antonio homes are staying on the market longer

Illustration of two hammers forming an "X" shape.

Illustration: Maura Losch/Axios

Sales of San Antonio-area homes declined 3.7% in August compared to a year ago, according to the San Antonio Board of Realtors.

Driving the news: Homes are staying on the market longer, for an average of 56 days — up 81% over last year, according to SABOR.

Between the lines: Houses that stay on the market for more than a month are usually overpriced or in need of major work, according to Redfin deputy chief economist Taylor Marr.

  • Homebuyers already hampered by climbing mortgage rates don't want to spring for a place that looks like an HGTV "before" photo.

By the numbers: "Fixer-upper" listings comprised 0.3% of sales in the San Antonio area in the first half of 2023, per Zillow data shared with Axios.

  • Those advertised as redone made up 15.6%.

Zoom in: The average home price in the San Antonio area was nearly $388,000, with no significant change from last year.

What they're saying: "While the (year-over-year) decrease in total sales and increased days on the market suggest a market in transition, the stability in average and median prices indicates a balanced environment," Sara Briseño Gerrish, SABOR's chair, said in a statement.

The big picture: Across the U.S, seller-identified fixer-uppers are typically selling for less, and more slowly, than expected, according to the Zillow data.

The bottom line: "Most homebuyers right now simply don't have enough money left over to invest in major repairs or remodeling," Redfin's Marr told the Wall Street Journal.

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