One of the big reasons is lack of inventory, which is expected to change later this year.
SAN ANTONIO — San Antonio is one of the slowest selling markets in the country when it comes to home sales, according to Creditnews Research and the numbers they gathered using Zillow.
So how can one of the fastest growing metros, also be one of the slowest for home sales?
“The top ten fastest selling housing markets, actually are mainly located in the northeast and in the Midwest, whereas these slower selling housing markets are primarily in the South and the Sunbelt states,” Sam Bourgi, Senior Analyst for Creditnews Research said.
Creditnews research looked at the average number of days where the status goes from for sale to pending sale. They also compared pre-COVID to post-COVID trends and were able to determine what’s the fastest selling market and what’s the slowest selling market in the ranking. The reason sales are slow in the Alamo City? High interest rates but also low inventory.
“Usually when demand starts to slow because of interest rates, home prices tend to decline. You’d think that there’s less demand. That means there’s less upward pressure on prices. But because inventory remains so low. Home prices have remained elevated,” Bourgi said.
Bourgi said residents and potential homebuyers shouldn’t worry because homes should start selling at a faster pace in the very near future.
“Buyers remain constant or at least relatively constant. There could be more buyer demand for the existing inventory of homes. And you’ll probably start to see the sales pace increase because of that,” Bourgi added.
Bourgi also said if you’re going to buy a house, for example, right now at 7% interest, even if it’s 15 or 20% down, if that monthly mortgage rate is very high and your monthly payments are very high, you might want to wait because interest rates are anticipated to drop toward the end of the year.
> MORE ON KENS
Original News Source
Click here for Superior HOA Management