Soaring interest rates and rising construction put a lid on new home prices in Houston

HomesUSA.com

Both would-be homebuyers and home builders are taking a beating in the current market.

Al Ortiz | Houston Public Media

Andrew Schneider, Politics & Government Reporter | Posted on December 21, 2022

The average price of a new home in Houston is leveling off, according to a report by Dallas-based real estate firm HomesUSA. But that price is still a long way from being affordable for the average would-be homebuyer.

The average price of a new home in Houston in November was $427,038, down from $429,205 in October.

The report points to a combination of rising inventory and slowing demand for the plateauing of prices in the Houston area. Much of the slowdown in demand stems from spiking interest rates…more

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