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A shortage of single-family homes has sparked a buying frenzy in Houston!
Homes are getting harder to come by in South Texas.
Home prices in the greater Houston area are continuing to rise due to a lack of available inventory and rising demand, per KTRK-13's Steve Champion.
According to the Houston Association of Realtors, Houston and the surrounding area saw a 24.4 percent year-over-year increase in single-family sales for the month of March. In 2020, the median price of homes sold in Houston rose to $260,212, a 6.2 percent increase from 2019, per the Houston Chronicle's Katherine Feser.
The Houston Association of Relators says record low interest rates have fueled the "buying bonanza," as well as shortage of available homes under $250,000 and frantic shopping among high-end homes.
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