In the Sugar Land and Missouri City area, decreased housing inventory combined with low interest rates and high demand have driven up average home sales prices. (Claire Shoop/Community Impact Newspaper)
Described as frenzied, brisk and unprecedented, the current real estate market is being driven by historically low inventory, record-low interest rates, and skyrocketing lumber and building material costs, Realtors and homebuilders said.
“I have been selling real estate for 30 years,” Keller Williams Realtor Pam Shockey said. “I was around when Sept. 11 happened; I was around for dot com, Fannie Mae and the subprime lending explosion. This is not a market frenzy or a bubble like that. This is a compilation of multiple things all happening at once.”
While this confluence of…