Looking at the housing market in San Antonio, Texas, it gives the impression of a steady but gradual increase over the past five years. The median home price, which was around $210,000 at the beginning of 2021, has now risen to about $280,000, reflecting a cumulative increase of approximately 30%.

Examining the yearly trends, from 2021 to the first half of 2022, prices surged rapidly due to low interest rates following the pandemic and an influx of people moving from other states. However, from the second half of 2022 to 2023, the rapid interest rate hikes by the Federal Reserve noticeably slowed down the buying momentum, leading to a correction phase where the rate of increase narrowed. Starting in 2024, it appears that the market has entered a stabilization phase with a gradual recovery, showing mixed fluctuations by region.

In comparison, the national average cumulative increase during the same period was around 35-45%, indicating that San Antonio has experienced a relatively moderate rise in the market. This can be largely attributed to the active supply of new homes unique to Texas, which has somewhat mitigated price surges.

Several factors influencing the rate of increase can be summarized as follows:

• Inflow of people seeking relatively affordable living costs compared to Austin and Dallas
• A stable employment base centered around military bases and the medical and biomed industries
• Relatively active new home construction, resulting in less supply pressure compared to other Sun Belt cities
• Weakened buyer sentiment due to the sharp rise in mortgage rates in 2022-2023

Future outlooks seem to require a cautious approach. While the inflow of people and the employment base appear to remain strong, reducing the likelihood of a sharp decline, the ongoing new supply suggests that rather than a repeat of past surges, a gradual upward trend is expected.

For Korean households, this trend may be interpreted as an opportunity with lower entry barriers. There is no need to panic about missing out on a surge; if purchasing for actual residence based on school districts and job accessibility, the current time is still worth considering, based on recent market observations. However, it is essential to carefully compare the burden of buying versus renting and to monitor interest rate trends when making decisions.