Debra Maltz, a Kuper Sotheby's International Realty agent, said she's seeing"more realistic" pricing on homes and less"crazy offers."Economists say runaway home prices in San Antonio should level out in the coming months, and in the future may even decrease by a little bit — a little more if there’s a recession.
Perdue, like most economists, is normally reluctant to issue certainties— even more so in this particular housing market. “Absolutely everything in the last two years is unprecedented,” he said. That elevated purchasing power pushed prices up. And now that interest rates are rising again, “that gift has been more than taken away,” Perdue said. By his calculations, homebuyers have lost almost a third of their purchasing power compared to this time last year.
Another way of telling this story comes from Moody’s Analytics, which reports that San Antonio’s home prices have climbed beyond what local incomes can support. This is what they call “overvaluation,” and the San Antonio-New Braunfel’s market is 34% overvalued by the analyst firm’s measure.