There’s bad news and good news about housing affordability in Collin County. According to Texas Comptroller Glenn Hegar, “the state’s population, particularly in the major metropolitan areas, is growing at a quicker pace than housing is being built.”
U.S. Census Bureau figures show that housing demand in Collin County, led by huge population percentage increases in cities like Celina and Princeton, remains strong.
In a report released Aug. 27, Hegar blamed surging home prices and interest rates for a slump in housing affordability between 2021 and 2023.
The comptroller cited data from Texas A&M University’s Texas Real Estate Research Center showing median home prices in Texas rose by 40% between 2019 and 2023.
He added that mortgage interest rates rose to a 23-year high of 7.79% last October.
However, Collin County Area Realtors (CCAR) reported interest rates were softening and the median price of homes declined from June to July
CCAR reports no change in home inventory or the number of days a home remained on the market, month over month, while July median home prices dropped.
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