San Antonio Home Prices, Inventory, and Opportunities: December 2024 Update

SAN ANTONIO - Dec. 16, 2024 - PRLog -- As the holiday season approaches, the San Antonio housing market continues to see evolving trends shaping decisions for buyers and sellers. Krishna Perkins, a leading real estate professional and local market expert, has released his December Housing Market Update, offering detailed insights into interest rates, inventory levels, and the latest data from November.

While hopes for a "Christmas miracle" in the form of sub-6% interest rates remain unmet, the report provides clarity on where the market is headed. With mortgage rates hovering around 6.67%, expectations for significant rate drops in 2024 and 2025 remain tempered. Perkins highlighted that while rates are expected to decrease modestly, historic lows of 4% or less are unlikely to return soon.

"Buyers who are waiting for drastically lower rates may need to reconsider their strategy," Perkins said. "Assumable loans remain an excellent option for those with substantial down payments, offering a way to secure rates as low as 2.5% from loans originated between 2019 and 2022."

The report also dispels common misconceptions about mortgage delinquencies and foreclosures. Despite news of rising delinquencies, the rates remain historically low, reflecting strong equity levels among homeowners. This trend has limited the number of foreclosures entering the market.

Key Highlights from the December Update:

• Interest Rate Forecasts: Experts predict gradual decreases in mortgage rates through 2025, with a Q4 2025 forecast of approximately 6.33%.
• San Antonio Housing Data:
  • Median sale price: $285,400, down 2.79% from October.
  • Inventory: 4.38 months, indicating a continued seller's market.
  • Days on Market: Homes sold faster in November, with an average of 40 days on market.
• Seasonal Impacts: Many active listings are expected to expire at year-end, reducing available inventory. Buyers are encouraged to quickly secure homes before they are taken off the market.

Additionally, Perkins notes the affordability of San Antonio's housing market compared to other areas, making it an attractive destination for buyers. However, inventory levels remain tight, with new listings for November down 22% year-over-year.

Perkins emphasizes the importance of understanding market trends for buyers, sellers, and investors. "Whether you're navigating the complexities of interest rates or evaluating the best time to list your home, the key is having the right information and strategy," he said.

To access the full report or learn more about opportunities in the San Antonio housing market play the following video:

https://youtu.be/xEDXlrSlyeI



About Krishna Perkins:

Krishna Perkins is a trusted real estate professional and market expert in San Antonio. Known for his data-driven insights and commitment to client success, Perkins provides valuable resources for buyers and sellers navigating the local housing market.