For every $1,000 increase in the cost of a median-priced home, nearly 13,674 Texas households are pushed out of the market.
Many builders and developers are finding it increasingly difficult to avoid these price jumps in the face of mounting regulations and government-imposed fees, which can add up quickly and shut the door on a growing number of prospective buyers, according to the NAHBNow blog.
Prospective home buyers are also adversely affected when interest rates rise. For a quarter-point increase in the rate on a 30-year fixed rate mortgage, as many as 1.2 million U.S. households are estimated to be priced out of the market for a median-priced new home.
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