San Antonio posted one of nation's steepest declines in home prices

Home prices in San Antonio declined 9.7% since the market peaked in 2022. Credit: Wikimedia Commons / Ian Muttoo

It’s a bad time to be a realtor in the Alamo City.

The San Antonio metro area has experienced one of the nation’s steepest declines in home values between 2022’s housing-bubble peak and this September, according to new data compiled by real estate blog ResiClub.

Indeed, the average price of a San Antonio-area home has declined 9.7% since the market’s peak — the fifth-steepest drop among the nation’s 50 largest housing markets.

Further, the SA area experienced one of the steepest year-over-year declines in home prices at 3.1%. And, for September, it recorded the sharpest month-to-month reduction at 0.6%.

Even so, things are even worse north of Loop 1604. Austin experienced the country’s worst residential real-estate downturn with home prices down 25.2% since the 2022 peak, according to the analysis.

Meanwhile, New Orleans had the second steepest decline at 13.8%, followed by the San Francisco area at 12.6% and the Phoenix metro at 11.2%.

Metros with the Steepest Home Price Declines Since 2022 Peak:

1.) Austin, -25.2%

2.) New Orleans, -13.8%

3.) Bay Area, -12.6%

4.) Phoenix, – 11.2%

5.) San Antonio, -9.7%

The Sunbelt’s significant drop in home prices is eerily reminiscent of the 2008 financial crisis, where steep declines in Florida, California, Nevada and Florida precipitated a larger market disaster.

ResiClub’s data also comes as recession fears mount and interest rates remain stubbornly high. A 30-year fixed mortgage is holding steady at 6.27%, the highest rate since 2007, according to mortgage lender Freddie Mac.

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San Antonio posted one of nation’s steepest declines in home prices

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