Hi neighbor,
Today I will be sharing with you our perspective on the local real estate market here in Spring, Texas, specifically a market update for the neighborhood of Gleannloch Farms. 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 Gleannloch Farms?
We currently have 14 homes pending, with 4 homes sold in the last two weeks, averaging a sale price of $174 a square foot. Four homes sold over the asking price.
Compared to the two weeks prior: The number of homes sold is still the same. The average sales price in the neighborhood is $514,500. 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 request your free home evaluation here or email us here.
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 Gleannloch Farms.
My Two Cents: What I learned this week
The real estate market right now is unpredictable. But making calculated risks is the only way to gain rewards. If you are on the fence about buying or selling to buy, I am there with you. I would love to help you explore your options to see if right now is actually the right time to buy or sell. If you would like my honesty, expertise, friendship, and help in making that choice, please schedule a call with me. Click this link to get started. Hugs, Jo.
What is happening in the real estate market nationally?
Mortgage rates trended lower thanks to comments from Fed Chairman Jerome Powell and a weaker employment situation. Home prices continued to appreciate. Mortgage application submissions slipped; ADP nonfarm employment was higher than expected while job openings were lower than expected. Construction spending slipped and jobless claims were unchanged.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- The housing market’s seeing déjà vu – but don’t expect a crash. Read Now >>
- For the first time in 2 years, there’s no major American metro where prices are falling.
Read Now >> - Here’s what could unlock the housing market for buyers and sellers. Read Now >>
Market Recap
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The FHFA house price index inched up 1.2% month-over-month in February, surging past the expected increase of 0.1%. Annual appreciation increased as well, rising 7%.
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The 20-City Case-Shiller home price index exceeded expectations as well, rising 0.6% month-over-month in and 7.3% annually in February. The expected increases were 0.1% monthly and 6.7% annually.
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Mortgage application submissions slipped a composite 2.3% during the week ending
4/26. The Refinance Index decreased 3% while the seasonally adjusted Purchase Index decreased 2%. - The ADP nonfarm employment change was higher than expected in April, rising 192,000 vs. the 179,000 expected increase.
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Despite an expected increase of 0.3% month-over-month, total construction spending slipped 0.2% in March. Spending compared to last March is still up 9.6%.
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There were fewer job openings on the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) in March. Though economists expected there to be 8,680,000 openings, there were only 8,488,000.
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The Federal Reserve did not change the benchmark interest rate this month, which was unsurprising to the bond market. Following the announcement, Fed Chair Jerome Powell acknowledged the recent setbacks in inflation & how they might delay a rate cut, but he did not entertain a rate hike. Rates liked this and responded well.
- Continuing jobless claims were unchanged at a level of 1,774,000 during the week ending 4/20. Initial jobless claims were unchanged as well at a level of 208,000 the following week.
- The employment situation was largely worse than expected (good for rates). Average hourly earnings inched up 0.2% vs. the 0.3% expected. The average workweek shortened to 34.3 hours. Government payrolls and manufacturing payrolls each climbed by 8,000. Nonfarm payrolls were expected to rise by 238,000 but came in at 175,000. The participation rate was unchanged at 62.7%. Private payrolls were below expectations as well at 167,000 vs. 181,000. The unemployment rate came in high at 3.9%.
Review of Last Week
JOBS FALL, STOCKS RISE… March's drop to 175,000 new jobs, unemployment up at 3.9%, and tiny gain in hourly earnings, gave traders hope the Fed might cut rates sooner. This sent the major stock indexes up nicely for the week.
More signs of a slowing economy came as ISM indexes showed both sectors of the economy—manufacturing and services—contracted in March, while total international trade volume declined substantially.
The Fed met and didn't touch the rate, as expected. Fed Chair Powell noted inflation remains sticky, and although no rate hikes are likely, rate cuts won't be coming any time soon. But that was two days before the March jobs report.
The week ended with the Dow UP 1.1%, to 38,676; the S&P 500 UP 0.5%, to 5,128; and the Nasdaq UP 1.4%, to 16,156.
Bond prices floated up as well, the 30-Year UMBS 6.0% ending UP .23, to $99.25. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate moved up a tiny amount. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Millennials (age 28 to 43), the largest living generation, are a critical demographic for real estate. Among generations, in 2023, millennials were second to baby boomers in after-tax income and share of home sales.
Market Forecast
MORTGAGE APPLICATIONS, JOBLESS CLAIMS, CONSUMER SENTIMENT… A light week for reports. We’ll check the MBA Mortgage Applications Index to see if purchase applications reaccelerate in the spring buying season. Initial Jobless Claims should stay well below recession levels. The preliminary May University of Michigan Consumer Sentiment index is expected to remain tepid, though still above where it was a year ago.
Summary
Although builders spent a tick less in March than in February, spending on residential construction was 4.4% ahead of a year ago. Even better, spending on single-family homes was up a whopping 18.3% from a year ago.
Last year’s brief decline in home prices is clearly over. The S&P CoreLogic Case-Shiller National Home Price Index rose in February, the eighth straight month of annual growth, and prices were 1.3% above their 2022 high.
Realtor.com reports the total active inventory of homes for sale last week was 33.3% higher than a year ago, the 25th straight week of gains. New listings were up 10.4%, and the median listing price was 0.5% lower than last year.
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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