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 38 homes pending, with 9 homes sold in the last two weeks, averaging a sale price of $312 a square foot. Nine homes sold over the asking price, with one home selling 1% above the listing price.
Compared to the two weeks prior: Homes sold are slightly down from 10 sold, but the average sales price per square foot is up to $312 ($302 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.
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.
Insight From Jo
I feel we are on the best cusp of a great time to buy. Inventory is plump and prices are improved. Interest rates are low in comparison to the first half of the year and builders and sellers are still offering rate buy downs. By Spring we do anticipate lower interest rates, but we also foreshadow more buyers in the market driving back up prices. If you are thinking about buying in the next 6-12 months, I would love to have a conversation with you. 
What is happening in the real estate market nationally?
Mortgage rates jumped last week, while mortgage application submissions declined. Jobless claims rose, as did the consumer price index in September.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Momentum in housing market is positive. Watch Now >>
- HousingWire analyst talks hurricane markets and 2025 forecast. Listen Now >>
- Home sale contracts pick up by 3.5%, signaling hope for sellers and buyers. Read Now >>
Market Recap
- Mortgage application submissions slipped a composite 5.1% during the week ending 10/4. Refinance application submissions slipped 9% while the seasonally adjusted Purchase Index slipped 0.1%.
- Continuing jobless claims jumped by over 40,000 during the week ending 9/28, much higher than the expected increase. Initial jobless claims jumped higher than expected as well, rising by over 30,000 during the week ending 10/5.
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The consumer price index (CPI) was hotter than expected in September, climbing by 0.2% vs the 0.1% expected. Annual inflation on the CPI was at 2.4%, which was also higher than expected.
Review of Last Week
UP DOWN UP… It was an up and down week for stocks, but hurricane and geopolitical concerns were eclipsed by a focus on economic data and Fed policy, and the major stock indexes ended firmly ahead.
Consumer Price Index (CPI) inflation was higher than expected for September but dipped from 2.5% to 2.4% annually. However, Core CPI, excluding volatile food and energy prices, rose to 3.3%, well above the Fed's 2% target.
This cut November rate cut expectations back to a quarter percent. But cuts remain on the table, as Initial Unemployment Claims shot up to 258,000, showing weakness in the labor market that could presage a recession.
The week ended with the Dow UP 1.2%, to 42,864; the S&P 500 UP 1.1%, to 5,815; and the Nasdaq also UP 1.1%, to 18,343.
Higher inflation sent bonds prices south overall, with the 30-Year UMBS 5.0% down 0.96, to $98.27. After recent declines, the national average 30-year fixed mortgage rate posted an increase 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… Here’s an early sign the housing market is shifting. Fannie Mae’s Home Purchase Sentiment Index (HPSI) rose in September by 9.4 points from a year ago, reaching its highest level in more than two years.
Market Forecast
HOME BUILDING, RETAIL SALES, JOBLES CLAIMS… Home building activity is expected to dip in September, with Housing Starts and Building Permits both down a tick. Analysts expect September Retail Sales to show a small gain. However, they also forecast weekly Initial Jobless Claims to continue upward, indicating increasing weakness in the labor market.
The bond markets are closed today in observance of Columbus Day / Indigenous People’s Day, but the stock markets are open.
Summary
The National Association of Realtors (NAR) reports the inventory of homes for sale in September came in 34% higher than last year. It’s now at the highest level in more than four years after 11 straight months of annual gains.
Plus, new listings are picking up and prices are stabilizing. The NAR says for the week ending October 5, 8% more sellers put their homes up for sale compared to a year ago and the median listing price was down 0.1% from a year ago.
Weekly mortgage applications slipped overall, but purchase application volume held steady—8% ahead of last year’s level—while refinance applications were a whopping 159% higher 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/
• 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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