The real estate market has been fiercely hot and somewhat volatile since the start of the coronavirus pandemic, but rising interest rates have started to cool the market down a bit in 2022.
Recent statistics have shown that a homebuyer needs to earn more than $87,000 a year to afford a typical home in San Antonio.
Average long-term U.S. mortgage rates are at the highest levels in the last 14 years, and it’s pushing would-be buyers out of the market.
The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, rose to 5.16% from 4.98% in September, according to the Associated Press.
Here’s a visual look at how the real estate market has fared for Bexar County in 2022:
Home sales have dropped significantly in Bexar County since the start of the year.
The number of new home listings in Bexar County has taken a huge hit in the second half of 2022.
The median home listing price reached a fever pitch in the middle of the year before starting to come back down in the fall.
The amount renters are paying for all properties, including apartments, condos, homes and townhouses, saw a mid-year spike before skyrocketing in the fall.
The data used by Zillow, RentHub and Redfin is pulled from public property records, tax records, recent home sales in the area, and user-submitted information to come up with an approximate market value for a home — whether it’s on the market or not. The data often differs from the statistics provided by the San Antonio Board of Realtors, which only uses data fro homes that are currently listed or sold.
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