A home is shown for sale on E. 25th on Wednesday, April 13, 2022 in Houston. The average home price in the Houston area topped $400,000 for the first time ever in March and the supply of homes on the market remained extremely tight, according to the monthly home sales report by the Houston Association of Realtors. Homes sold for an average of $410,923 in March, nearly $42,000 or 11 percent higher than March 2021.
Last month, the median home price in Houston shot up by 15.5 percent to a record $335,000, according to Houston Association of Realtors. Average home prices in Houston“As Americans contend with historically high inflation, the combination of rising mortgage rates, elevated home prices and tight inventory are making the pursuit of homeownership the most expensive in a generation," said Sam Khater, Freddie Mac’s Chief Economist in a statement.
The rate spikes are starting to impact mortgage application volume, with dipped 5 percent in March compared to the same time last year, according to Mortgage Banker's Association.
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