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 20 homes pending, with 5 homes sold in the last two weeks, averaging a sale price of $336 a square foot. Five homes sold over the asking price, with one home selling 7% above the listing price.
Compared to the two weeks prior: Homes sold are slightly down from 6 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
My Two Cents: Why Now is Still a Great Time to Buy
If you’re thinking about buying a home, you might be wondering how today’s market impacts your plans. Here’s the good news: despite changes in mortgage rates, there’s never been a better time to make your move. Let me explain why!
More Programs, More Opportunities
Today’s market offers more down payment assistance programs and buyer-focused incentives than ever before. These programs are designed to help buyers with everything from covering their down payment to reducing closing costs. Whether it’s 1% down payment options or thousands of dollars in assistance, there’s a program that can work for you.
Builders and Sellers Are Stepping Up
Builders and sellers are offering incredible incentives to help buyers get into their dream homes. We’re talking rate buy-down programs, closing cost credits, and even price reductions in some cases. These deals can make a significant difference in your monthly payments and overall costs, creating opportunities that simply weren’t available a year ago.
Market Adjustments Work in Your Favor
While mortgage rates may seem higher than they were, they’re still historically reasonable. And with inventory stabilizing, there’s less competition for the home you’ve been eyeing. That means you have more power to negotiate and find the best deal that fits your budget.
Build Equity Faster
Buying now allows you to start building equity sooner, especially with prices stabilizing in many areas. Real estate remains one of the best long-term investments, and waiting could mean missing out on the perfect home and future appreciation.
Now is an incredible time to turn your homeownership dreams into reality. With so many programs and incentives available, you might be closer to owning your dream home than you think. Let’s explore your options together—I’m here to help you every step of the way!
The opportunities are here. Let’s take advantage of them! 🏡
What is happening in the real estate market nationally?
Mortgage rates trended higher last week. Retail sales increased in November, home builder sentiment remained unchanged, and mortgage application submissions dropped last week. Building permits jumped while housing starts fell in November; continuing and initial jobless claims dipped, and existing home sales hiked up in November. The PCE index decreased in November while personal income slipped and personal spending bumped up.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- November leading economic indicators and existing home sales show positive growth. Watch Now >>
- Jessica Lautz on NAR’s 2025 housing market forecast. Listen Now >>
- Existing home sales take a sleigh ride to the sky with highest jump since 2021. Read Now >>
Market Recap
- Retail sales increased 0.7% month-over-month in November, exceeding expectations for a 0.6% increase.
- The National Association of Home Builders (NAHB) housing market sentiment index was at 46, which remained unchanged from the month before. This contrasted with the predicted increase of 47. Current sales conditions maintained its level at 48, while the expectations for the next six months rose three points to reach a level of 66.
- Mortgage application submissions decreased 0.7% during the week ending 12/13. The Refinance Index decreased 3% from the previous week and was 41% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 1% from one week earlier.
- Building permits climbed by 6.1% month-over-month in November, surging past expectations to reach a level of 1.505 million. Housing starts were, however, below expectations in November, falling -1.8% month-over-month to reach a level of 1.289 million.
- Continuing jobless claims dipped by 5,000, reaching a level of 1,874,000 for the week ending 12/13. This was lower than the expected increase of 11,000. Initial jobless claims also declined by 22,000, falling to a level of 220,000. This was lower than the predicted decrease of 13,000.
- The monthly core personal consumption expenditures (PCE) index came in below expectations in November at just 0.1%. Personal income fell below expectations at 0.3%, while personal spending increased 0.4%, still falling below expectations.
Review of Last Week
THREE’S NOT A CHARM… Wednesday, the Fed cut rates for the third time this year, but reduced their estimated rate cuts from four to two next year and dialed up inflation concerns. The three major stock indexes took a dive.
The drop would have been worse except Friday's PCE Prices inflation report came in better than expected, though it didn't show any improvement. We also got a decline in November Industrial Production and Capacity Utilization.
But November Retail Sales showed consumers spending for the holidays in record amounts, although inflation is part of that. Both initial and continuing jobless claims fell, and final Q3 GDP was revised up to 3.1%.
The week ended with the Dow down 2.3%, to 432,840; the S&P 500 down 2.0%, to 5,931; and the Nasdaq down 1.8%, to 19,573.
Inflation concerns also tanked bonds, the 30-Year UMBS 5.5% dropping 1.01, to $98.18. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate crept up a bit but remained below a year ago. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… The NAR says inventories are rising because “existing homeowners are capitalizing on the collective $15 trillion rise in housing equity over the past four years to look for homes better suited to their changing life circumstances.”
Market Forecast
NEW HOME SALES, CONSUMER CONFIDENCE, JOBLESS CLAIMS… New Home Sales are expected to bounce back in November. We should also see a December rebound in Consumer Confidence. Economists predict weekly Initial Unemployment Claims will rise a trifle but remain far below recession levels.
Tuesday, December 24, Christmas Eve, the stock market will close early at 1 p.m. and the bond markets at 2 p.m. All financial markets will be closed Wednesday, December 25, Christmas Day.
Summary
Existing Home Sales unexpectedly rose for the second straight month, up nearly 5% in November. They’re more than 6% ahead of a year ago, posting the strongest annual gain in more than three years.
The National Association of Realtors (NAR) noted: “Homes sales momentum is building. More buyers have entered the market as the economy continues to add jobs, housing inventory grows…and consumers get used to a new normal.”
Housing Starts declined a tick overall in November, but it was all due to multifamilies. Single-family starts rose more than 6%, and the future looks bright, as Building Permits also shot up over 6% to a nine-month high.
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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