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 29 homes pending, with 9 homes sold in the last two weeks, averaging a sale price of $280 a square foot. Nine homes sold over the asking price, with one home selling 3% above the listing price.
Compared to the two weeks prior, we haven’t seen big changes in the market. The average sales price in the neighborhood is $740,056. 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! 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.
My Two Cents: What I learned this week
Interest rates have finally dipped and I am so eager for summer. If you are thinking about buying the market timing couldn’t be of more perfect timing. If you are thinking about selling, know buyers are going to be hitting the market this summer in droves. Please schedule a call with me if you are looking to buy, sell, or invest. Jo
What is happening in the real estate market nationally?
Mortgage Rates trended higher last week. Mortgage application submissions increased two weeks ago, and existing home sales declined in April, as did new home sales. Continuing jobless claims increased and initial jobless claims decreased.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- VA plans to temporarily allow buyers to compensate agents. Read Now >>
- HousingWire lead analyst discusses why he thinks home prices will cool down soon.
Listen Now >> - Redfin CEO thinks housing market will do better throughout rest of the year.
Watch Now >>
Market Recap
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Mortgage application submissions increased for the third consecutive week during the 7 days ending 5/17. The Market Composite Index (purchase and refinance applications) jumped 1.9% from the previous week. The Refinance Index increased 7% from the previous week while the seasonally adjusted Purchase Index decreased 1% from the previous week. Refinance application submissions were 21% higher from the same time period the
previous year. -
Existing home sales slipped 1.9% month-over-month in April, likely due to persistent affordability and inventory challenges.
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Continuing jobless claims were at a level of 1,794,000 during the week ending 5/11, an increase of 8,000 from the week before. Initial jobless claims were at a level of 215,000 during the following week, a decrease of 8,000.
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New home sales were at a seasonally adjusted annual rate of 634,000 in April, a 4.7% decrease from the month before.
Review of Last Week
MIXED MESSAGES… After four weeks of rallying, last week's market told differing tales. The blue-chip Dow skidded, the broadly based S&P 500 finished flat, while the tech-y Nasdaq hit a fresh all-time high.
The economic news was similar. We got mixed corporate earnings from a slate of retailers, while the FOMC Minutes from the Fed's last meet revealed rate cuts are off the table for the near future.
But we also got some impressive earnings reports from the tech sector, positive reads on the U.S. Manufacturing and Services sectors, and Durable Goods Orders data that showed businesses are continuing to invest.
The week ended with the Dow down 2.3%, to 39,070; the S&P 500 up two points, to 5,305; and the Nasdaq UP 1.4%, to 16,921.
Bond prices took a small hit overall, the 30-Year UMBS 6.0% down .15, to $100.03. The national average 30-year fixed mortgage rate fell for the third straight week 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… In April, mortgage applications for new homes jumped more than 22% year-over-year. The Mortgage Bankers Association noted that these applications “have now shown annual gains for 15 consecutive months.
Market Forecast
PENDING HOME SALES, HOME PRICES, INFLATION… The April Pending Home Sales measure of signed contracts on existing homes is forecast to slip a tad from March. The S&P Case-Shiller Home Price Index should show another modest increase for March. Friday, we'll get the March read on the Fed's favorite inflation gauge, PCE Prices. It's expected to hold.
All U.S. financial markets were closed yesterday, May 27, in observance of Memorial Day.
Summary
Buyers are seeing more options, with the inventory of existing homes in April up more than 16% from a year ago. The month saw a small dip in sales, as volume normalized following the way-bigger-than-expected February gain.
In April, the inventory of new homes also gained, listings hitting the highest level since their bottom in 2022—up over 200%! Sales of new single-family homes for the month dropped a bit after their big boost in March.
One real estate data firm reports new homes made up just over a third (33.4%) of all listings the first three months of this year. Plus, new home sales during that time were approximately twice the level they were before the 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.
• Browse our Ebooks and Relocation Guides: http://byjoandco.com/ebooks
• Schedule a phone call or appointment with us! http://byjoandco.com/appointment.
• Email us! [email protected].
• Looking for a buyer’s agent? Fill out our buyer questionnaire! http://byjoandco.com/q.
• Ready to find your dream home? Search, http://search.byjoandco.com.
• Subscribe to our YouTube Channel: http://byjoandco.com/youtube.
