Much of the Katy area continues to experience lower housing inventory this year compared to last year. Of the six area ZIP codes, only 77094 saw the biggest increase in average home price compared to 2021 with a 19.3% increase. Meanwhile, all area ZIP codes saw significant decreases in the average number of days a home is on the market compared to the same time in 2021. (Courtesy Pexels)
Much of the Katy area continues to experience lower housing inventory this year compared to last year. Of the six area ZIP codes, only 77094 saw the biggest increase in average home price compared to 2021 with a 19.3% increase. Meanwhile, all area ZIP codes saw significant decreases in the average number of days a home is on the market compared to the same time in 2021. (Courtesy Pexels)
The average home price increased in all Katy-area ZIP codes from May 2020 to June 2021 when compared to the average price of homes from May 2021 to June 2022, mirroring regional trends. Meanwhile, much of the Katy area continues to experience lower housing inventory this year compared to last year.
SOURCES: FREDDIE MAC, CHARLIE RUSSO, RE/MAX SIGNATURE/COMMUNITY IMPACT NEWSPAPER
ZIP code 77094 saw the largest year-over-year percentage change at 19.25%, while ZIP code 77441 showed the highest average price of homes sold at $443,545.
SOURCES: FREDDIE MAC, CHARLIE RUSSO, RE/MAX SIGNATURE/COMMUNITY IMPACT NEWSPAPER
Moreover, mortgage rates steadily declined early in the pandemic with the 30-year fixed mortgage rate dropping to as low as 2.65% in January 2021. Rates have since increased, spiking to their highest point since 2009 as of early May.
Laura joined Community Impact Newspaper in 2020 after a few years in the public relations industry. Laura graduated from Texas State University with a bachelor’s degree in journalism. Originally from North Texas, Laura relocated to Houston after spending three years in Pacific Northwest. Previously, she interned with two radio stations in Central Texas and held the role of features editor at the San Marcos Daily Record. Laura writes about local government, development, transportation, education, real estate and small businesses in these communities.
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