Houston home sales stumbled for the seventh consecutive month in October as higher home...
by three quarters of a point last week – is expected to continue to send a chill through the real estate market as consumers remain uncertain about just how high mortgage rates will go in response. The Federal Reserve doesn't set mortgage rates but its actions affect the mortgage market. Last week Freddie Mac reported average mortgage rates were just under 7 percent, more than double what they were a year ago.
Prices are still growing, but a slower pace. Double-digit price increases have slipped into the single digits. The average home in Houston cost $403,712 in October. While that is below the record high of about $438,000 reached in May, average prices are still 7.2 percent higher than the same time last year.
Some would-be sellers are also sitting on the sidelines too – because even if they could sell their home, their current mortgage rates are sometimes lower than what they could get now for a new loan, Turner said.Still inventory of single-family homes for sale on the market is improving. There were 60 percent more single-family homes for sale on the market in October than there were last year. That lifted total inventory to about 2.8 months of supply in Houston compared to 1.
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