EL PASO, Texas (KTSM) – The El Paso housing market appears to be cooling off after home prices reached new highs this year, according to the Dallas Federal Reserve.
A recent report by the bank says home sales peaked in February as demand soared during the COVID-19 pandemic. Since, sales are beginning to fall again but are still outpacing numbers from before March 2020.
The median price for homes reached a new high of $201,057 as the market heated up in February , according to the report. Prices soared as more homes sold federal reserve data shows.
Analysts and realtors attribute some of the interest in homebuying to low interest rates customers had access to. Some realtors noted customers would offer to pay listing prices and closing costs, which was usually requested by sellers.