Houston mortgage payments have grown 46.4%, as housing affordability hits a 15-year low, according to a new report.  Zillow’s latest market report found rising mortgage costs, along with skyrocketing prices and interest rates have made mortgages less affordable than

New-home inventory rose to 444,000 homes in May from 437,000 homes in April, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.  

Houston’s new-home sales defied inventory challenges and rose for the fourth straight month in May. New homes sold faster and at a higher average price than the previous month, according to HomesUSA.com.

Meanwhile, existing-home sales slid 3.4% from April to a seasonally adjusted annual rate of 5.41 million, according to the National Association of REALTORS®. 

Houston was fourth on the list with 844 iBuyer home sales in the first quarter, accounting for 3.5% of home sales in the market.

Realtor.com’s updated 2022 forecast sees housing demand returning to pre-pandemic levels.

The number of homes for sale in May rose 16.3% month over month and 2.2% year over year. Months’ supply of inventory rose to 0.9 from 0.8 in April and fell from 1 in May 2021. 

New-home completions rose during the month, however, with the increased inventory representing a rare bright spot in an otherwise gloomy government report. 

Mortgage lending took a nose dive across the U.S. in the first quarter of 2022

Redfin economists say they expect the cooldown in budgets to lead to a cooldown in price growth over the next few months.