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 24 homes pending, with 5 homes sold in the last two weeks, averaging a sale price of $225 a square foot. Five homes sold over the asking price, with one home selling 2% above the listing price.
Compared to the two weeks prior: Homes sold are slightly down from 10 sold, and the average sales price is down as well. This is most likely a coincidence, so we will be sure to keep an eye on it over the next couple of weeks. 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.
If we look at how fast the move-in-ready homes are going, 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 the neighborhoods. 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.
Insight From Jo
Hello friend. The market the last week has been a bit stale. We have survived not just Hurricane Beryl, but the east wall of the hurricane and 7 days with no electricity. Phew. That was a doozy.
Besides broken and blown over fences, we had very little damage at my home, but due to the large amount of pine trees in my area, there was lots of neighborhood damage. We saw well established hundred foot trees just fall right over with roots exposed. It was intense, and something I have never seen before. I even saw a video of a tree splitting a house in half. Crazy crazy.
Today 75% of folks have electricity, and the lineman and energy crews are all working so hard to restore normalcy to us all. We are all so thankful.
As for the market, it is on the active side. I have been decently busy, but we are seeing more rental activity than the previous few years. My biggest recommendation for homeowners still remains new construction. I did a blog post series of the hottest selling neighborhood so far this year. You can find that series by clicking here.
Overall, it isn’t a bad time to buy. There are lots of great options, and it you find a beautiful move in ready house, zoned to the best schools, it is till going to sell fast with multiple offers. We are just seeing less of those “Chip & Joanna” styled homes.
If you need help navigating this market, I would love to be your realtor.
What is happening in the real estate market nationally?
After a huge winning streak, rates rose slightly this week. Mortgage application submissions rose two weeks ago. Jobless claims increased as well. Retail sales came in hotter than expected in June, while home builder sentiment slumped in July.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Will mortgage rates drop in time to help new housing supply? Listen Now >>
- How on-time rent payments can help consumers qualify for a mortgage. Watch Now >>
- Nearly one-third of home sellers are cutting their prices. Read Now >>
Market Recap
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Retail sales were unchanged in June, despite their predicted decrease of 0.3%. Core retail sales surpassed expectations as well, climbing 0.4% instead of 0.1%.
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The National Association of Home Builders (NAHB) housing market sentiment index slipped to a level of 42 in July – a slight decrease from the month before. To out of the three components of the index decreased while the projection of sales over the next six months increased. This is likely because builders predict rates will fall in the coming months.
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Mortgage application submissions increased by a composite, seasonally adjusted 3.9% during the week ending 7/12. Refinance application submissions increased 15% compared to the previous week and increased 37% compared to the same period last year. Seasonally adjusted purchase application submissions decreased 3% from the week before.
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Housing starts were at a seasonally adjusted annual rate of 1.353 million in June, a 3% month-over-month increase. Building permits were at a seasonally adjusted rate of 1.446 million in June, a 3.4% increase from the month before. Both levels were higher than expected.
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Continuing jobless claims climbed by 20,000 during the week ending 7/6, bringing the total number to 1,867,000. Initial jobless claims also had an increase of 20,000 during the week ending 7/13, bringing the total level to 243,000. Both were higher than expected.
Review of Last Week
MIXED… Traders began the week digesting news of the failed assassination attempt on former President Trump, and ended it hearing about a global IT outage. Stocks finished mixed, the S&P 500 and the Nasdaq down, the Dow up.
Economic data came in mixed as well. The Leading Economic Index (LEI) declined in June, and jobless claims grew. However, that softening in the labor market supports the view that the Fed will start rate cuts this year.
On the plus side, manufacturing output continued to increase in June. And Retail Sales showed consumer discretionary spending is still at rather solid levels. The economy is slowing, but it looks like no hard landing.
The week ended with the Dow UP 0.7%, to 40,288; the S&P 500 down 2.0%, to 5,505; and the Nasdaq down 3.6%, to 17,727.
Bonds slid overall, though the 30-Year UMBS 6.0% edged UP 0.02, to $100.31. The national average 30-year fixed mortgage rate fell to its lowest level since mid-March 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 Fannie Mae’s recent survey of household financial decision makers, 92% said owning a home is important, and 74% were planning to buy a home the next time they move.
Market Forecast
NEW AND EXISTING HOME SALES, GDP, INFLATION… Increasing supply should drive New Home Sales up in June, while tight inventories will send Existing Home Sales trending downward. The GDP-Advanced read is predicted to report Q2 economic growth below 2%. The Fed’s favorite inflation measure—Core PCE Prices—is expected to show price gains moderating.
Summary
Housing Starts rose in June, and single-family starts are now up more than 5% over a year ago. Housing completions surged more than 10% for the month, and are up more than 15% versus a year ago.
New Building Permits also rose in June, so builders should stay busy. Plus, the tight existing home inventory is driving buyers to new builds, while millennials, the largest living generation, have started to enter the housing market in force.
Zillow reports nearly one in four listings saw a price cut in June, the highest June share since 2018. But they noted: “Well-priced and marketed listings are still selling relatively quickly.”
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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