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 30 homes pending, with 9 homes sold in the last two weeks, averaging a sale price of $335 a square foot. Nine homes sold over the asking price, with one home selling 5% above the listing price.
Compared to the two weeks prior: The number of homes sold is still the same, but the average sales price is up to $1,139,667 ($740,056 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 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 Oak Forest.
What is happening in the real estate market nationally?
Rates trended lower in the beginning of last week, but climbed after Friday's employment situation. Job openings were below expectations in April, as was the ADP nonfarm employment change in May. Mortgage application submissions declined. Jobless claims inched up. The employment situation was largely better than expected.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- FHA adds increasing gift fund flexibility. Read Now >>
- Why rates inched lower at the beginning of last week. Listen Now >>
- Why rents are almost guaranteed to go up in 2026. Read Now >>
Market Recap
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Job openings on the job openings and labor turnover survey (JOLTS) were at 8,059,000 in April. This was lower than the expected number of job openings: 8,370,000. It’s also lower than the previous month’s level.
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Mortgage application submissions slipped a composite 5.2% during the week ending 5/31. The Refinance Index decreased 7% while the seasonally adjusted Purchase Index slipped 4%.
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The ADP nonfarm employment change was at 152,000 in May, which was lower than the 173,000 expected.
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Continuing jobless claims were at 1,792,000 during the week ending 5/25, an increase of 2,000 from the week before. Initial jobless claims were at 229,000 during the week ending 6/1, an increase of 8,000 from the week before.
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Average hourly earnings climbed 0.4% month-over-month in May, double the previous month’s increase and higher than the expected increase. The average weekly hours were unchanged at 34.3. Government payrolls were at 43,000 and manufacturing payrolls were
at 8,000. Nonfarm payrolls exceeded expectations at 272,000, as did private payrolls at 229,000. The participation rate decreased slightly to 62.5% while the unemployment rate inched up to 4%.
Review of Last Week
STOCKS SURVIVE JOBS GAIN… Friday, a better-than-expected 272,000 hike in May Nonfarm Payrolls pushed a Fed rate cut further down the road, yet the major stock indexes held onto gains for the week.
Labor market health was further supported by an increase in hourly earnings that kept them a tick above inflation. Yet the labor force declined by 250,000, sending the unemployment rate to 4.0%, the highest in two and a half years.
ISM Manufacturing data showed that sector contracting, though the ISM Non-Manufacturing report saw the larger services sector still growing. Plus, April Factory Orders revealed a modest rebound in business spending.
The week ended with the Dow UP 0.3%, to 38,799; the S&P 500 UP 1.3%, to 5,347; and the Nasdaq UP 2.4%, to 17,133.
Bonds overall inched up, though the 30-Year UMBS 6.0% jumped 0.90, to $100,22. The national average 30-year fixed mortgage rate dipped 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… Realtor.com says since May 2019, “the increase in median price-per-square foot suggests that the typical home on the market today is worth 52.7% more than before the pandemic, more than double the roughly 23% increase in consumer price inflation in this period.”
Market Forecast
MORTGAGE APPLICATIONS, INFLATION, THE FED… We'll monitor the MBA Mortgage Applications Index for a positive move in purchase mortgages. The May Consumer Price Index (CPI) is expected to show prices rising at a slightly slower rate. The FOMC Rate Decision should keep the rate where it is, but everyone will look at the Fed “dot plots” to see when rate cuts could happen the rest of the yea
Summary
Spending on residential construction in April ticked up from March, 8% ahead of where it was year ago. Spending on the construction of much-needed single-family homes is now up more than 20% from a year ago.
CoreLogic reports home prices in April were about 1% over March, a little more than 5% higher than a year ago. The firm noted, “Home price growth continues to slow,” forecasting 3.4% annual growth at this time next year.”
The Mortgage Bankers Association says lending standards loosened in May, noting credit availability has “expanded slightly in recent months as lenders broaden loan offerings to reach potentially more homebuyers.”
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.
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