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MEDIAN HOME PRICES ON THE RISE
better for buyers.” Home prices in Lewisville, Flower Mound and Highland Village have seen a steady increase in median home prices since 2018 with a steep increase in 2020-21, according to data from the Collin County Association of Realtors. The market continues to change this year with more homes available and a signicant interest rate hike. More homes are also coming on the market than in the past few years. Lewisville, Flower Mound and High- land Village saw drops in active list- ings in 2021 when interest rates were low. However, since then, Lewisville saw a 24.7% increase, Flower Mound saw a 22.2% increase and Highland Village saw a 60% increase in the number of homes listed for sale from last year, according to data from the Greater Lewisville Association of REALTORS. Inventory is going up, and home- buyers are not wanting to pay hefty prices with the increase in interest rates compared to last year, Haugen said.
Lewisville, Flower Mound and Highland Village have continued to see an overall median home price increase year over year since 2018. The 75077 zip code saw a decrease.
Percent change 2018-2022
+46.78% +23.27% +34.25% 4.59% +34.61% +23.20%
SOURCE: COLLIN COUNTY ASSOCIATION OF REALTORSCOMMUNITY IMPACT NEWSPAPER June 2018-May 2019 June 2019-May 2020
June 2020-May 2021
June 2021-May 2022
Interest rates In the past six months, interest rates have nearly doubled. In January, 30-year mortgage interest rates were at 3.22%, which was up slightly from the lower rates of 2021 at 2.65%. Those rates are now up to 5.27%, as of July 5, according to Freddie Mac, the Federal
Home Loan Mortgage Corporation. “It’s a big deal for anybody,” said Lisa-Marie Thompson, a Flower Mound-based loan ocer. “I’ve been in the business for 32 years. I’ve never seen a full 1% change in a year. So 2% in six months is a little overwhelming.”
The change in interest rate does not just aect buying a home, but it increases the buyer’s house payment with just the interest rate increases, Thompson said. Haugen said he is not sure how long it will take for people to adjust to the higher interest rates, especially
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