North Texas keeps attracting people from all over the county with its jobs and lifestyle.
But with higher interest rates, it has cooled the housing market some, even in red-hot North Texas.
In Collin County, it’s not hard to find houses that aren’t being built fast enough according to some real estate experts, due to high demand and lower supply related to lack of inventory during COVID.
According to Freddie Mac, the average interest rate on a 30-year home loan was 7.19% – up from 6.48% at the beginning of this year and prices will remain unaffordable as long as mortgage rates continue this way.
CBS News Texas spoke with Kyle Paris with the Collin County Area Realtors who said the buyer pool has shrunk but at the end of the day people need a roof over their heads.