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 Memorial Northwest. 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 Memorial Northwest?
We currently have 10 homes pending, with 4 homes sold in the last two weeks, averaging a sale price of $112 a square foot. Four homes sold over the asking price.
Compared to the two weeks prior: Homes sold are up from 3 homes sold to 4 homes sold and the average sales price is also up to $143 ($388,333 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 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 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 Memorial Northwest.
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 trended higher last week. Mortgage application submissions decreased. Continuing jobless claims increased, while initial jobless claims decreased. Retail sales increased in September, while building permits and housing starts decreased. Home builder sentiment increased in October.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
 |
|
Notable News
- What's keeping mortgage rates from falling according to Housingwire analyst. Listen Now >>
- CMG named best USDA lenders for October. Read Now >>
- Housing starts on single-family homes jump 2.7%. Watch Now >>
Market Recap
- Mortgage application submissions decreased 17% during the week ending 10/11. Refinance application submissions decreased 26% compared to the previous week but were 111% higher compared to the previous year. Purchase application submissions decreased 7% from the week before but were 7% higher than the year before.
- Continuing jobless claims were at a level of 1,867,000 during the week ending 10/5, which was an increase of 9,000 from the week before. Initial jobless claims were at a level of 241,000 during the week ending 10/12, which was a decrease of roughly 20,000.
- Retail sales increase 0.4% in September, which was higher than expected.
- Home builder sentiment increased to a level of 43 in October according to the National Association of Home Builders (NAHB) housing market index.
- Building permits slipped by 2.9% in September while housing starts slipped 0.5%. Both of these decreases were greater than expected. Single-family housing starts, however, increased 2.7%.
Review of Last Week
MONEY TALKS… The economy may be heading for a (hopefully) soft landing and the Fed may slow rate cutting, but decent Q3 corporate earnings started coming in and drove the Dow and the S&P 500 to record highs.
Supporting the declining economy narrative, Industrial Production and Capacity Utilization fell in September, along with the manufacturing index for the New York region, while Continuing Jobless Claims hit 1.867 million.
But September Retail Sales rose 1.7% from a year ago, up 3.9% excluding volatile autos, building materials, and gasoline. Of course, that means the Fed is more likely to cut rates by just a quarter point in November.
The week ended with the Dow UP 1.0%, to 43,276; the S&P 500 UP 0.9%, to 5,865; and the Nasdaq UP 0.8%, to 18,490.
Bond prices overall ended the week flat, the 30-Year UMBS 5.0% off just 0.11, at $98.16. In Freddie Mac's Primary Mortgage Market Survey the national average 30-year fixed mortgage rate saw another small increase. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Realtor.com reports that last week, the median listing price was less than or equal to what it was the same week last year for the 20th week in a row. Plus, 18.6% of listings had price cuts in September, up 0.9% from last year.
Market Forecast
HOME SALES, JOBLES CLAIMS, CONSUMER SENTIMENT… September Existing Home Sales are forecast to come in slightly ahead of August, but New Home Sales are expected to dip a bit. Economists see weekly Initial Unemployment Claims on the increase again. The final read for the October University of Michigan Consumer Sentiment Index should remain at its low level.
Summary
Good news for new builds. Housing starts for single-family homes in September rose 2.7% over August to a five-month high, and are now up 5.5% the past year. Single-family building permits also ticked up for the month.
The Bright MLS chief economist said the report shows homebuilders are optimistic for “the months ahead.” Indeed, homebuilder confidence posted its second straight monthly rise in October, breaking a four-month streak of drops.
The Mortgage Bankers Association reported mortgage applications declined overall for the week ending October 11, but the unadjusted purchase mortgage index is still 7% higher than the same week one year ago.
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.
