Fewer people are buying houses and that’s making property values drop. The Study by Go Banking Rates says property values in San Antonio have dropped an average of 2.23% in the last year and an average of 3.48% in the last two years.
Vequist said a huge reason fewer people are buying homes is because interest rates are so high right now. “When you look at the entire market, the area that is being hurt the most is the first-time home buyers because with the first-time home buyers those high interest rates are driving them out of the market,” said Skubik.
“For me, personally, I don’t think prices have dropped enough considering the high interest rate right now,” said Luis Nunez who is considering buying a home.
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