Lower inventory will lead to home prices in Greater Houston continuing to increase, according to a report by Realtor.com.
“So there are fewer homes available for sale and the homes that are available are selling faster,” the company’s chief economist, Danielle Hale, said. “That’s helping keep the upward pressure on home prices.”
On top of that, Hale expects mortgage rates to go up by half a percent next year.
While this doesn’t make it easier for those planning to buy a home, Hale said the rising prices are still a good thing.
“It’s getting closer in line with income growth, which tends to be around 3 percent,” she said. “And so getting back to a more normal pace of increase.”
Last month, the median price for a single-family home in Houston was about $234,650.