HOUSTON, Texas — Prices are skyrocketing for everything.
Not only are folks shelling out more money for gas and food, but rent and the prices for new homes are also on the rise.
Experts say the housing market is hotter than ever. However, people should expect to pay more as inflation continues to hit our pocketbooks.
Jennifer Wauhob, chair of the Houston Association of Realtors said, “Prices are up. We’re up about 13 percent over this time last year so that’s a pretty sharp increase in prices.”
She said the average sales price last year for a home hovered around $360,000.
She added the average sits at a record $395,000 today.
“We are having a record number of sales,” Wauhob said. “Homes are coming on the market. A lot of homes are coming on the market. They’re just not staying on the market.”
When it comes to renting prices are also soaring.
Houston Apartment Association President Christy Rodriguez said the cost of rent has climbed 15.7 percent compared to last year.
But it’s the lowest compared to other major Texas cities.
Rodriguez said Austin saw a 28 percent increase in rent prices compared to last year.
She said they went up 21.1 percent in the Dallas/Fort Worth area and 17.9 percent in San Antonio.
She said the demand for multi-family rentals and inflation are causing rent rates to rise.
If you plan to buy, Wauhob said people can expect prices to remain high.
“This isn’t a housing bubble. We aren’t expecting a crash of any kind. I know some people keep asking me that. This is, we have more buyers than we have available homes,” Wauhob said.
The Houston Association of Realtors predicts prices to go up another 4 percent this year and another 5 percent next year so people should be prepared to pay more.
If you plan to continue renting, Rodriguez said people should shop around to compare prices before agreeing to a rent they do not feel is justified.