Like much of the country, housing affordability in Texas is an area of concern. However, there are still people interested in buying homes, and that’s driving up prices.
Homeowners who bought before mortgage rates went up are doing well with their mortgages and enjoying those low interest rates. And better yet, they are also building equity in their homes.
Now we are seeing builders starting to increase their construction efforts, which gives hope for a potential decrease in the shortage of available homes. And that could mean another heatwave is about to hit the Texas housing market.
So while home prices dropped last year, now they have been rising again for several consecutive months. In fact, home sales reached a record high, increasing once more from April to May. Although the yearly growth rate is still on the lower end, the May increase is equivalent to a strong growth rate if sustained throughout the rest of the year. If this trend continues, the annual growth rate could start trending higher as early as next month!
That means if you’ve been waiting around, now could be the perfect time to make a move while rates are a bit lower and before home prices take another jump.
