Buyers leaning toward new construction in Texas housing market

In Texas, newly built homes are attracting buyers with lower interest rates, some as low as 3.25% for the first year, compared to the current 6.625% average for 30-year fixed mortgages. Builders are also offering design credits and financial incentives to compete with the growing inventory of over 20,000 active listings. This makes it challenging for sellers of existing homes to compete, as new construction prices are often lower.