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 40 homes pending, with 10 homes sold in the last two weeks, averaging a sale price of $298 a square foot. Ten homes sold over the asking price, with one home selling 8% above the listing price.
Compared to the two weeks prior: Homes sold are slightly down from 16 sold, but the average sales price is up to $753,100 ($631,427 previously). 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.
If we look at how fast the move-in-ready (modern) homes are going (must not be overpriced), the demand in this area has not surpassed the supply, making it still a great time to sell. 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!
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.
Jo's Two Cents
Mortgage activity is on the rise in June, ahead of an expected change of course by the Federal Reserve.
The seasonally adjusted purchase index increased 8 percent from the previous period in the week ending on June 9, according to the Mortgage Bankers Association’s weekly survey. Mortgage rates declined for the second consecutive week. The average contract 30-year fixed-rate mortgage with conforming loan balances ($726,200 or less) fell modestly from 6.81 percent to 6.77 percent. While not directly tied to mortgage rates, interest rates cast a heavy shadow on the mortgage market; the Fed is widely expected to pause rate hikes.
What is happening in the real estate market nationally?
Mortgage rates were relatively unchanged last week. Mortgage application submissions slumped, consumer credit climbed, continuing jobless claims decreased, and initial jobless claims increased.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- HousingWire Lead Analyst talks economic outlook for the rest of the year. Listen Now >>
- The Fed may pause its hike campaign. Here’s what that means for you. Read Now >>
- The National Association of Mortgage Bankers (NAMB) publicly supports reinstatement of LLPA structure. Read Now >>
Market Recap
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Mortgage application submissions slipped a composite 1.4% during the week ending 6/2. Refinance application submissions decreased 1% while purchase application submissions slipped 2%.
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Consumer credit climbed slightly in April, rising to 23.01 billion.
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Continuing jobless claims decreased by roughly 40,000 during the week ending 5/27, bringing the total number of continuing jobless claims to 1,757,000. The following week, initial jobless claims increased by 30,000 to a level of 261,000.
Review of Last Week
HELLO, BULLS!… Thursday, the S&P 500 technically broke into bull market territory, up 20% from its October low. The three major stock indexes ended the week up, as traders became hopeful the economy might have a soft landing.
A weaker economy could be seen with weekly initial jobless claims rising to 261,000, the highest level since 2021. Plus, the trade deficit reported a drop in exports, thanks to weakening demand for U.S. goods abroad.
Yet a lower ISM Non-Manufacturing Index for May still showed continued growth in the dominant services sector of the economy, and a gain in factory orders reflected a nice hike in business spending in April.
The week ended with the Dow UP 0.3%, to 33,877; the S&P 500 UP 0.4%, to 4,299, and the Nasdaq UP 0.1%, to 13,259.
Bond prices overall slid a tick, though the 30-Year UMBS 5.5% edged UP 0.15, to $99.98. The national average 30-year fixed mortgage rate headed lower 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… An online real estate database reports that a third of homes sold in April were paid for in cash, up from March, and hitting the highest level of cash purchases in nearly a decade.
Market Forecast
INFLATION, RETAIL SALES, CONSUMER SENTIMENT, THE FED… Analysts are forecasting moderating inflation in May as measured by the Consumer Price Index (CPI). May Retail Sales are expected to come in flat. These signs of a cooling economy should cause the Fed's FOMC Rate Decision to be no hike for now. University of Michigan Consumer Sentiment for June is predicted to go up a tad, but remain historically low.
Summary
The Fed Beige Book revealed, “Residential real estate activity picked up in most Districts despite continued low inventories,” while “home prices and rents rose slightly.” This is based on data and interviews from Fed Districts nationwide.
CoreLogic reports U.S. home prices in April were up 1.2% for the month and 2% ahead of last year, representing “above average seasonal monthly gains and a rebound in home prices in most markets.”
Realtor.com notes the number of homes actively for sale in May increased by 21.5% versus a year ago. Homes were on the market 43 days, a bit longer than last year but shorter than pre-pandemic.
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/
• Download our Moving to Texas ebook! http://byjoandco.com/movingtotexasebook.
• Download our Where to Live in Houston Texas ebook! http://byjoandco.com/wheretoliveebook.
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• Email us! [email protected].
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