Home sales jumped at the start of the coronavirus pandemic in several local ZIP codes, but fewer sales at the start of 2022 could be tied to the lower supply, experts said. Local market trends HOMES SOLD IN PAST 18 MONTHS
77006
77007
77008
77019
77098
150 125 100 75 50 25 0
Feb. 2022: 92
Aug. 2020: 14
Aug. 2020: 23
Aug. 2020: 117
Feb. 2022: 21
Aug. 2020: 9
Feb. 2022: 9
Feb. 2022: 11
Feb. 2022: 99
Aug. 2020: 74
2020
2021
2022
2020
2021
2022
2020
2021
2022
2020
2021
2022
2020
2021
2022
MEDIAN PRICE OF HOMES SOLD
77006
77007
77008
77019
77098
2021: $473,800
2021: $522,063
2021: $1,117,249
2021: $800,000
2021: $655,813
2019: $453,088
2019: $463,925
2019: $998,922
2019: $718,469
2019: $756,350
SOURCE: KIRSTIN ABNEY, BETTER HOMES AND GARDENS REAL ESTATE GARY GREENE COMMUNITY IMPACT NEWSPAPER
rate would hit lower-income home- owners the hardest, said Clare Losey, assistant research economist with the Texas Real Estate Research Center at Texas A&MUniversity. “For a conventional loan on a $200,000 home with a 2.5% interest rate, a household needs to earn $51,954 annually,” Losey said in a March 16
news release. With a 4% interest rate, the annual income needs to be near $57,954 for that same home, Losey said. First-time homebuyers will also feel the brunt of the rise in interest rates, Dean said. Many home buyers in River Oaks are people looking to invest in an area
where they see a lot of value, Ansari said. In Montrose, home buyers are often competing with speculative builders who are looking to make a pro t, he said. A federal rate hike may slow down the home market in those areas, but the demand will always be there because of what they o er that few other locations in Houston can,
Ansari said. “Living inMontrose is close to all the cool things in town; that’s why people want to be there,” he said. “It’s all about lifestyle.”
For more information, visit communityimpact.com .
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