Collin County homes remain the priciest in the region with a median price of about $510,000, flat from a year ago.from the Texas Real Estate Research Center at Texas A&M University and North Texas Real Estate Information Systems. The median price was down $2,000 from September.Local buying activity and prices have slumped as mortgage interest rates surged to their highest point in more than two decades in October.
The average rate for a 30-year fixed-rate mortgage hit 7.8% at the end of October, according to Freddie Mac. That, combined with elevated home prices and, may price families out of homeownership. Even with the slight decrease in prices since the summer, the median price is still up more than 41% since the start of the COVID-19 pandemic in March 2020.“We have seen a tremendous drop in the volume of sales activity,” said Todd Luong, a real estate agent in Frisco with Re/Max DFW Associates.
Collin County homes remain the priciest in the region with a median price of about $510,000, flat from a year ago. Collin County and Denton County have the tightest housing supply of the major North Texas counties.Acquisto said while the market has slowed, signs are pointing to a busy month ahead. “We have more scheduled closings already, just our brokerage, for December than we had all of November.