Houston rent prices and new homes are on the rise

According to the Houston Association of Realtors, the common gross sales value for a house this year hovers round $395,000.

HOUSTON, Texas — Prices are skyrocketing for all the pieces.

Not solely are of us shelling out extra money for fuel and meals, however rent and the prices for new homes are additionally on the rise.

Experts say the housing market is hotter than ever. However, folks ought to anticipate to pay extra as inflation continues to hit our pocketbooks.

Jennifer Wauhob, chair of the Houston Association of Realtors mentioned, “Prices are up. We’re up about 13 percent over this time last year so that’s a pretty sharp increase in prices.”

She mentioned the common gross sales value final year for a house hovered round $360,000.

She added the common sits at a report $395,000 right now.

“We are having a record number of sales,” Wauhob mentioned. “Homes are coming on the market. A lot of homes are coming on the market. They’re just not staying on the market.”

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When it involves renting prices are additionally hovering.

Houston Apartment Association President Christy Rodriguez mentioned the value of rent has climbed 15.7 % in comparison with final year.

But it’s the lowest in comparison with different main Texas cities.

Rodriguez mentioned Austin noticed a 28 % enhance in rent prices in comparison with final year.

She mentioned they went up 21.1 % in the Dallas/Fort Worth space and 17.9 % in San Antonio.

She mentioned the demand for multi-family leases and inflation are inflicting rent charges to rise.

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If you intend to purchase, Wauhob mentioned folks can anticipate prices to stay excessive.

“This isn’t a housing bubble. We aren’t expecting a crash of any kind. I know some people keep asking me that. This is, we have more buyers than we have available homes,” Wauhob mentioned.

The Houston Association of Realtors predicts prices to go up one other 4 % this year and one other 5 % subsequent year so folks ought to be ready to pay extra.

If you intend to proceed renting, Rodriguez mentioned folks ought to store round to check prices earlier than agreeing to a rent they don’t really feel is justified.

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