While higher costs and rising interest rates are pricing some buyers out of the market, the inventory of homes on the market is expected to rise this summer.
Mortgage rates, meanwhile, continued their upward track. The average rate on a 30-year fixed-rate mortgage rose to 4.67 percent Thursday, up from 4.42 percent last week and a point and a half higher than the 3.18 percent rate a year ago, according to Freddie Mac, a Washington D.C.-based national real estate finance association.
With demand beginning to moderate and new construction near 16-year highs, there may be more homes to choose from this summer as listings, which had been on the decline, are predicted to grow year-over-year in June or July, according to Realtor.com. In Houston, 7.5 percent of sellers reduced the list price, down slightly from March 2021, according to Realtor.com.
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