Congress Passes the ROAD Act to Fix the Housing Shortage
Congress just passed a major housing bill. It’s called the 21st Century ROAD to Housing Act. This law could change the Houston housing market for years to come. It aims to fix the housing shortage that’s been driving up prices. According to a report from the Bipartisan Policy Center, the law removes regulatory obstacles that slowed homebuilding. It also creates incentives for cities to change zoning rules. These changes should make it easier to build more homes. That’s good news if you’ve been priced out of the market. More supply could mean more options and better prices. The law also expands the Low-Income Housing Tax Credit. This helps fund affordable rental housing. For first-time buyers in the Houston housing market, this could open up more affordable options down the road. If you want to start your search now, check out first-time home buyer resources from Bayway Mortgage. Now let’s look at where mortgage rates stand this week.
Housing Demand Stays Strong as Mortgage Rates Hit 6.83%
Despite rising rates, the housing market is still showing growth. According to a recent HousingWire market tracker, weekly pending sales hit 69,109 last week. That’s up from 68,413 a year ago. Mortgage rates are at 6.83% right now. That’s above the key level of 6.64% where demand starts to cool. But buyers are still showing up. One big reason is better mortgage spreads. These have kept rates below 7%. In 2023, rates would have been 7.98% at today’s levels. So things could be much worse. Inventory is also rising. It climbed to 872,932 listings last week. That gives you more choices as a buyer. Purchase applications were up 3% year over year. That shows buyers are still active. New listings hit 72,556 last week. That’s up from 69,836 a year ago. For buyers watching the Houston housing market, this data is encouraging. For today’s rates, check current Houston mortgage rates from Bayway Mortgage. Let’s see how the local market is shaping up.
Kelley Blue Book Homes Launches in Texas — A Win for Houston
A new home valuation tool just launched in Texas. Kelley Blue Book Homes gives you a more accurate estimate of what your home is worth. According to the company’s announcement, more than 35% of automated estimates miss by over 10% of the final sale price. That’s a big gap. The new tool asks about your home’s upgrades and condition. It then layers that with local market data. This could help if you’re thinking about selling in Katy or anywhere in the Houston area. The company says its estimates land within 3% of the final sale price. That’s much better than most online tools. For buyers, this means more accurate pricing data. Better data helps you make smarter offers. This new tool brings more transparency to the Houston housing market. Whether you’re in The Woodlands or Katy, having a reliable value estimate helps. It takes the guesswork out of setting a price. Next, let’s check out a historic sale that topped the charts.
101-Year-Old Home Leads Houston’s Priciest Sales
A historic home just topped Houston’s most expensive sales list. The three-story home sits in Courtlandt Place, an old gated neighborhood. It was built in 1925 and got big updates in 2019. The property also has a 1,700-square-foot guest house. According to the Houston Business Journal, the neighborhood was platted in 1906. That’s before River Oaks even existed. This shows the depth of Houston’s housing history. But it also shows that high-end homes are still selling. If you’re looking to buy in areas like Sugar Land, there are homes at every price point. The key is knowing what you can afford. That’s where a good local lender like Bayway Mortgage comes in. The Houston housing market has something for every buyer. Good homes in good areas still sell well. Now here’s a fun fact about this unique neighborhood.
Fun Fact: Courtlandt Place — A Historic Houston Gem
Courtlandt Place was platted in 1906. That makes it one of Houston’s oldest gated communities. It’s actually older than River Oaks. The neighborhood has beautiful historic homes with big trees and brick streets. It’s a great reminder of all the unique places you can live in the Houston area. Whether you’re looking at new builds in Cypress or historic homes near downtown, this city has a lot to love.
