San Antonio had the largest drop in home sales among the nation’s major metros last month.
Home sales fell 12.6% in July compared with last year, according to a recent Redfin report. It was the largest slump in demand reported by Redfin.
Dallas trailed with a 10% decline. Fort Worth came in third with a 9.9% decrease, followed by Detroit (-9.3%) and Seattle (-9.1%) to round out the top five.
In July, San Antonio had 2,333 homes sold, down from 2,669 last year, according to Redfin. Despite the decline in sales, the median home sale price rose 3.3% to $320,243.
The decline in home sales comes after a positive month in June, which saw a nearly 7% year-over-year increase for a total of 2,829 home sales.
Summer is typically the peak season for sales in San Antonio, as families move while children are out of school and military members relocate during the permanent change of station season. But after years of new homes flooding the market, coupled with the recent decline in buyer demand, sales are falling behind.
Mortgage rates have remained elevated in recent months amid overall inflation driven by surging oil and energy costs in the wake of the Iran war. While rates aren’t as high as they were in 2025, buyers have been cautious amid ongoing economic uncertainty and a housing affordability crisis.
Would-be sellers also are feeling the slowdown, opting to stay on the sidelines. The 3,483 new listings that hit the market represented a 7.6% decline, the third-largest drop in the country compared with July 2025.
Homes sat on the market for an average of 87 days in July, while buyers waded through more than six months’ worth of inventory. That’s five days longer than last month and up three days from July 2025.
Six months of inventory is typically considered a balance between buyers and sellers, but the San Antonio market has been functioning more like a buyer’s market as it cools from the pandemic era of tight supply and rising prices. Redfin reported that San Antonio was the fifth-strongest buyer’s market in the nation in May, with 108% more sellers than buyers.
Nationally, home sales reached their lowest level in nearly two years on a seasonally adjusted basis, according to Redfin. There was a 4.1% drop from June to July, largely because potential buyers have been deterred by historically high housing costs.
“The housing market suffered from a mid-summer slump in July as would-be buyers grappled with record-high home prices, increasing mortgage rates and growing financial insecurity,” said Chen Zhao, Redfin’s head of economics research. “Many Americans simply can’t afford today’s housing costs, while others are holding off because they’re worried about the economy and/or their job security. The silver lining is that the buyers who can afford a home may be able to negotiate on price and get concessions from sellers who are eager to offload their house.”