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
77005
77025
77030
77096
77401
60 50 40 30 20 10 0
June 2020: 32
June 2020: 23
June 2020: 16
June 2020: 41
June 2020: 6
Feb. 2022: 3
Feb. 2022: 40
Feb. 2022: 25
Feb. 2022: 17
Feb. 2022: 17
2020
2021
2022
2020
2021
2022
2020
2021
2022
2020
2021
2022
2020
2021
2022
MEDIAN PRICE OF HOMES SOLD
77005
77025
77030
77096
77401
2021: $455,350
2021: $932,500
2021: $397,000
2021: $916,800
2021: $1,382,425
2019: $415,500
2019: $783,938
2019: $330,478
2019: $854,063
2019: $1,270,750
SOURCE: DATA PROVIDED BY KIRSTIN ABNEY, BETTER HOMES AND GARDENS REAL ESTATE GARY GREENE COMMUNITY IMPACT NEWSPAPER
than $1,100, according to the Federal Reserve Bank of Atlanta. Because mortgages are taken out when home- owners cannot aord to buy a home outright, an increase in the mortgage 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. However, homebuyers in the Bellaire, Meyerland and West Uni- versity area are relatively less likely to fall into that category, he said. Individuals who already own prop- erty are coming to the table with more equity, and monthly payments are not
as signi cant a concern when purchas- ing a second home, Dean said. “In Meyerland and Bellaire and West University Place, there’s not so many new, rst-time homebuyers,” he said.
For more information, visit communityimpact.com .
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BELLAIRE MEYERLAND WEST UNIVERSITY EDITION • APRIL 2022
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