The average home price increased in all Katy-area ZIP codes from May 2020 to June 2021 when compared to the average price of homes from May 2021 to June 2022, mirroring regional trends. Meanwhile, much of the Katy area continues to experience lower housing inventory this year compared to last year.
ZIP code 77094 saw the largest year-over-year percentage change at 19.25%, while ZIP code 77441 showed the highest average price of homes sold at $443,545.
Moreover, mortgage rates steadily declined early in the pandemic with the 30-year fixed mortgage rate dropping to as low as 2.65% in January 2021. Rates have since increased, spiking to their highest point since 2009 as of early May.