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Fed Chair Powell is “Strongly Committed” to fighting inflation. (Per CNBC article) This means we could see another rate increase. The current interest rate is 5.7% for our FHA 30 Year term loans. I want you to know that your credit score and assistance program, If used, will play a factor in your rate.
Housing inventory levels are increasing in the Houston area. We track this by keeping an eye on months of inventory. The current months of inventory are 2.5 Months. <3 months is considered a Seller’s market, 3-5 considered Neutral Market, and 6+ is considered a Buyer’s Market.
While we are seeing some price reductions as we move to a Neutral market. One place we are not seeing any reduction is Median Rental rates. In 2021 median rent in Harris County was $1,800/Mon. In 2022 median rent is around $2,000/mon. Which is more affordable than our Texan family in the Dallas and Austin metros.
That is the market update for September 2022!
Thank you for reading and be sure to contact me with any of your real estate questions. Contact us.
Sincerely, Evan
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