KTRH Local Houston and Texas News

KTRH Local Houston and Texas News

KTRH-AM covering local news from Houston and across Texas.

 

Houston Home Values Continue to Rise

Mortgage demand is falling amid rising interest rates, but Houston's housing market is hot as ever.

Single-family homes sales in the Houston area jumped nearly 23 percent year-over-year in February, with an average sales price near $396,000.

According to Move.org, Houston home values have more than doubled in the last 20 years.

"If you're thinking you're not going to buy and just continue to rent, you might end up paying more than what you're paying right now," says Jennifer Wauhob, chair of the Houston Association of Realtors

"I do encourage people, if they want to buy, to go ahead and get the process started, because the longer they wait, the more it's going to cost them."

And it no longer matters whether you're in the loop or not.

"Bascially, anywhere you go right now, the market is hot," says Wauhob.

With inventory low and houses selling within weeks, she urges first-time buyers to be well prepared.

"Get your finances together. Get your pre-approval. If you're paying cash, get your funds together. So when a good house does come on the market, you can pull the trigger."

Sold Home For Sale Sign and New House

Photo: Getty Images


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