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 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 33 homes pending, with 11 homes sold in the last two weeks, averaging a sale price of $284 a square foot. Eleven homes sold over the asking price.
Compared to the two weeks prior: Homes sold are up from 9 homes sold to 11 homes sold and the average sales price is also up to $609,627 ($599,778 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 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 trended higher last week. Mortgage application submissions decreased as well as existing home sales. Continuing jobless claims increased while initial jobless claims declined. New home sales increased in September.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- New home sales rise 4.1% in September. Watch Now >>
- The issues facing mortgage brokers in this market. Listen Now >>
- 10 of the most pet-friendly cities in the U.S. Read Now >>
Market Recap
- Mortgage application submissions decreased 6.7% during the week ending 10/18. The Refinance Index decreased 8% while the seasonally adjusted Purchase Index decreased 5% from one week earlier.
- Existing home sales dipped 1% month over month in September, slipping to a level of 3,840,000.
- Continuing jobless claims were at a level of 1,897,000 during the week ending 10/12, which was an increase of 28,000. Initial jobless claims, on the other hand, dipped to a level of 227,000 during the week ending 10/19. This was a decrease of 15,000 from one week before.
- New home sales soared in September, rising 4.1% month-over-month. This was in contrast to August’s monthly decline of 2.3%.
Review of Last Week
MIXED… The Dow and the S&P 500 finished the week down, as traders took profits after six straight weeks of gains. But the Nasdaq posted a seventh weekly win in anticipation of robust earnings from tech names this week.
Additional pressure on equities came from Wall Street's worries the Fed might slow interest rate cuts, since the economy seemed stronger, with an increase in capital goods orders and jobless claims above recession levels.
But a decline in capital goods shipments was evidence of a contracting economy, and the low University of Michigan Consumer Sentiment read showed lingering inflation is still a concern.
The week ended with the Dow down 2.7%, to 42,114; the S&P 500 down 1.0%, to 5,808; and the Nasdaq UP 0.2%, to 18,519.
The bond market saw prices drop overall, with the 30-Year UMBS 5.5% finishing at $99.12. The national average 30-year fixed mortgage rate booked another modest 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… It’s rare for home prices to fall. If you take out the Great Recession (2007-2011), home prices since 1942 saw an annual decline in only one year—1990—and that was just a 1% drop.
Market Forecast
HOME PRICES AND PENDING SALES, BUILDER SPENDING, INFLATION, JOBS… Home price gains should moderate in August by the S&P Case-Shiller Home Price Index. The Pending Home Sales index of signed contracts on existing homes is expected to post another uptick in September. That month's Construction Spending is forecast flat overall, but we'll focus on the residential numbers. Economists predict the Fed's favorite inflation measure, PCE Prices, will stay well above its 2% target in September. October should see a lot fewer new Nonfarm Payrolls, with the Unemployment Rate remaining at 4.1%.
Summary
Sales of new single-family homes kept their upward trend in September, rising 4.1%, to their highest level in 16 months. Supply is up over 200% from the 2022 bottom, while the median sale price is down 7.4% from its 2022 peak.
Sales of existing homes dipped slightly in September, but the median price gain moderated to just 3% annually. Inventories have risen 23% the past year to a 4.3-month supply, nearing the 5-month supply of a balanced market.
The latest Fannie Mae forecast is for slow economic growth this year and next, but it projects 2025 will see more home sales and a 3.6% rise in home prices due to “a more sustainable consumer spending trend going forward.”
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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