Despite the housing crunch, median home prices have been in decline since April, according to data from the San Antonio Board of Realtors.
The San Antonio area's hot job market is making it the U.S. metro most at risk for a long-term housing shortage, according to aThe Orlando, Florida, metro came in at No. 2, while the Dallas and Houston areas landed third and fourth, respectively, for being at risk for a housing crunch. The report blamed those metros'"booming labor markets, which are performing even better than national statistics." In addition to a"buoyant" labor market, San Antonio has also dealt with a staggering inflow of people in recent years, according to the analysis.
To compile its report, Bank of America analyzed the ratio of housing units in each metro in comparison to the size of its population. Despite the tight housing market and a wave of newcomers arriving in the Alamo City, median home prices here have been in steady decline since April from their pandemic highs. The median home price in SA dropped 6% between June 2022 and June 2023,In part, the price slump is due to higher mortgage rates, according to experts.