Hi neighbor, Today I will be sharing with you our perspective on the local real estate market here in Houston, Texas, specifically a market update for the neighborhood of Oak Forest. Whether you are looking to buy, sell, or just keep an eye on the market, we look forward to being your resource.
What is happening in the real estate market in Oak Forest?
We currently have 35 homes pending, with 10 homes sold in the last two weeks, averaging a sale price of $231 a square foot. Ten homes sold over asking price, with one home selling 3% above the listing price. Compared to the two weeks prior: Homes sold are up from 6 homes sold to 10 homes sold. Every home is different, with different features, so don't forget to ask us for your annual equity review if you are curious about your personal home. You can text AER to 79564 or email us here.
Buyer agents around Houston are seeing a slow in the real estate market, but it isn’t affecting every neighborhood. I know the interest rates rising has been one deterrent from some buyers purchasing right now, but that isn’t your ideal buyer anyways! And the educated buyer still knows, they need to buy ASAP. The most desirable homes in the area are still selling the first weekend or first week they hit the market (a really good coming soon campaign, like we do at Jo & Co. allows you to sell faster, for more money).
Check out the graphic below for a larger overview of the real estate market for the last two weeks in Oak Forest.
What is happening in the real estate market nationally?
Mortgage rates trended upward last week following a hot inflation report in the U.K. Home builder sentiment dropped into negative territory for the first time since 2020. Housing starts and building permits also decreased. Mortgage application submissions fell, while retail sales were unchanged. Continuing jobless claims increased but initial jobless claims decreased. Existing home sales decreased, and the median existing home sales price dropped as well.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Home prices might are ready to decrease nationally. Watch Now >>
- People are getting ‘squeezed’ by skyrocketing rent prices. Read Now >>
- Slowing inflation suggests mortgage rates have topped out. Read Now >>
Market Recap
- Home builder sentiment dropped to a level of 49 in August, according to the National Association of Home Builders (NAHB) housing market sentiment index.
- Housing starts were at a seasonal adjusted annual rate of 1.45 million in July, a 9.6% month-over-month drop from June. Building permits were at a seasonally adjusted annual rate 1.67 million in July, a 1.3% decline from June.
- Mortgage application submissions fell 2.3% during the week ending 8/12. Refinance application submissions dropped 5% while purchase application submissions decreased 1%.
- Retail sales were unchanged in July. Year-over-year, retail sales increased 10% — a jump from their 8.5% annual gain in June.
- Continuing jobless claims increased slightly to a level of 1.44 million during the week ending 8/6. Initial jobless claims fell slightly to a level of 250,000 during the week ending 8/13.
- Existing home sales were at a seasonally adjusted annual rate of 4.81 million in July, a 5.9% drop from June. The median existing home sales price was $10,000 lower than the median price in June. Homes remained on the market for longer and existing home inventory climbed to 3.3 months at the current sales pace.
Review of Last Week
WINNING STREAK OVER…Four weeks of stock market gains came to an end as negative economic data and hawkish comments from Fed members sent all three major indexes decidedly south.
The housing data above and below was accompanied by July Retail Sales unchanged from June, a record low read on New York region manufacturing sentiment, and growing Initial Unemployment Claims.
With all that, the St. Louis Fed President said he was leaning to a 75-basis-point (0.75%) hike in September, while the Minneapolis Fed President said he doesn't know if the Fed can reduce inflation without triggering a recession.
The week ended with the Dow down 0.2%, to 33,707; the S&P 500 down 1.2%, to 4,228; and the Nasdaq down 2.6%, to 12,705.
Bond prices were hit hard, the 30-year UMBS 4.5% down 0.92, to $100.10. Appearing to stabilize, the national average 30-year fixed mortgage rate declined in Freddie Mac's Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… For the first time since the height of the pandemic two years ago, the National Association of Home Builders sentiment index fell below 50 in August, indicating more builders see conditions as poor, rather than good.
Market Forecast
NEW AND PENDING HOME SALES SLIP, INFLATION SLOWS, GDP DOWN…July New Home Sales are forecast off a bit, same as the Pending Home Sales index of signed contracts on existing homes. Inflation by the Fed's favorite PCE Prices index should be up just slightly, and the GDP-Second Estimate is expected to show the economy is still contracting.
Summary
Existing Home Sales slipped for the sixth straight month in July. But the good news was, median prices fell 2.4%, inventory continued to rise, and demand was strong, with 82% of homes sold in less than a month.
Housing Starts dropped in July. Starts for single-families are down 18.5% yearly, but up 17.4% for buildings with 5 units or more. Building Permits are down 11.7% annually for single-families, up 26.2% for 5+-unit buildings.
Freddie Mac notes: “Inflation appears to be beyond its peak, which has stopped the rapid increase in mortgage rates,” forecasting “supply will modestly increase, and home price growth will decelerate.”
Can we sell yours?
So if you are in need of a listing agent, we would love the opportunity to see your home and meet you of course. My husband, Edward, and I, look forward to being the brokerage and team for you! You can reach out to us via email: [email protected] & [email protected] or telephone: 832-493-6685.
Read more:
If you are curious ‘How to get more money for your home when listing it for sale', check out this blog post.
I hope you have found this blog post super helpful. If there is anything else we can do for you, including helping you sell (or buy) a home, I would be honored to assist. I hope you have a great day/evening. Cheers, E + J.
We are so happy you found our little corner of the interwebs. We look forward to y'all reaching out to us. We love to answer questions and welcome them. Recently we created some local maps, and you can download those by clicking the image/link above. Below, you will find an index of some very helpful information to assist you in learning more about the Houston suburbs. If you are relocating to our neck of the woods, we hope you reach out to us, because we would love to help you by being your local realtor and friend. Thoughtfully written for you. Hugs, Jo.
We are Waiting for You
If you are looking to relocate to the Houston Area, we would love to meet you, and hear your story. Below you will find all of my contact information, as well as some homes for sale in the area. We truly look forward to hearing from you! P.S. Don't forget to check out our YouTube Channel!
If you are overwhelmed..
Now if you are feeling overwhelmed on where you should plant your roots, I would love to talk to you. You can schedule a call with me by click this link: http://byjoandco.com/call or just send us an email: [email protected]. There are some amazing communities all over the Houston suburbs. In this post, https://search.byjoandco.com/blog/best-neighborhoods-in-houston/, I deep dive into all the different suburbs/neighborhoods that you might want to consider, and why. There are many resources here, so please reach out if you are curious what to look at next! Thank you for trusting us.
What next?!
• Navigate our Blog: https://byjoandco.com/categories-to-help-you-navigate-the-blog/
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