San Antonio’s housing inventory declined last month, going against the national trend of increasing home listings. Data from Homes.com shows that the city saw 249 fewer homes on the market compared to a year ago, representing a 1.6 percent decrease. Among the top 40 metropolitan areas in the United States, only San Francisco also experienced a drop in listings, with 27 fewer homes than last August. In contrast, Houston led the nation with a 22 percent increase in inventory, surpassing 43,000 listings.
“It’s a strange position for a Sun Belt market like San Antonio to be in at the moment,” said CoStar analyst Daniel Khalil. “For San Antonio really to be the only major Sun Belt market to see a decrease year over year — it’s a small decrease, almost flat — I think that speaks to the resiliency of San Antonio as a market.”
Earlier this year, San Antonio recorded the highest rate of canceled home sales nationwide as sellers hesitated to lower their prices despite signs of a buyer’s market. Now, many homeowners appear to be waiting before listing their properties.
“A lot of people have really good equity and really good rates on their property, so they’re just holding tight,” said Clint Neal, co-founder of local brokerage Neal and Neal.
Although buyers currently have more leverage during negotiations, Grant Lopez, president of Keller Williams of San Antonio, said that conditions do not yet qualify as a true buyer’s market. “It feels to a lot of people like we’re in a down market. We’re actually not. We’re just back to our normal market that we always operated on,” Lopez said. “It’s like running on a treadmill: If you’re used to running five miles an hour, and you up it to ten for a good, long while — if you lower it down, it’s going to feel like you’re walking suddenly. But you’re not walking; you just had a long sprint.”
The median sale price for homes in San Antonio is $265,000 according to Redfin data. In comparison with other Texas cities and Sun Belt markets this year:
– North Texas cities such as Dallas have seen larger price declines earlier this year but now show slight gains.
– Houston’s median sale price is about $336,000 and has mostly remained below last year’s levels except for brief increases.
– Austin’s median price stands at $440,000 after trailing behind last year’s prices between December and August.
– Other Sun Belt markets like Phoenix and Orlando have also seen modest declines.
“We need this kind of stabilization to happen at a certain point, because it just can’t continue to rise and rise and rise,” Lopez added.
Further information about Houston’s record-high housing inventory can be found at https://therealdeal.com/texas/houston/2025/09/17/houston-housing-inventory-tops-national-charts/.
