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 23 homes pending, with 5 homes sold in the last two weeks, averaging a sale price of $334 a square foot. Five homes sold over the asking price.
Compared to the two weeks prior: Homes sold are slightly down from 7 sold, but the average sales price per square foot is up to $334 ($332 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
It is January 20th today. Today is a day full of change. I will be sitting and waiting like the rest of us to see what happens. I am excited to see if any of the real estate predictions we have seen floating around end up being true. How about you?
What is happening in the real estate market nationally?
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Mortgage rates trended lower last week while mortgage application submissions surged two weeks ago. Inflation was relatively unchanged in December while core inflation was slightly cooler. Continuing jobless claims decreased while initial jobless claims increased. Retail sales were slightly cooler in December. Home builder sentiment increased this month, while housing starts surged and permits decreased. |
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- HUD pick vows to maximize budget. Read Now >>
- The disappearance of the starter home. Watch Now >>
- Inflation and mortgage rates in 2025. Listen Now >>
Market Recap
- Mortgage application submissions surged 33.3% during the week ending 1/10. The Refinance Index increased 44% from the previous week and was 22% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 27% from one week earlier. These numbers include an adjustment for the New Year’s holiday.
- The consumer price index (CPI) remained unchanged from November to December, resting at 0.4% monthly and 2.9% annually. The core index, which strips food and energy costs, showed a slight cooling, which was welcome news for rates.
- Continuing jobless claims were at 1,859,000 during the week ending 1/4, which was roughly 40,000 claims lower than the week before. Initial jobless claims were at 217,000 during the week ending 1/11, which was an increase of roughly 14,000.
- Retail sales increased 0.4% month-over-month in December, which was half the increase of the month before and lower than the 0.6% expected increase.
- The National Association of Home Building (NAHB) housing market index increased in January, jumping up to 47, which was 2 points higher than the expected level. Current sales conditions rose 3 points to a level of 51. Traffic of prospective buyers rose 2 points to a level of 33. Sales expectations for the next 6 months, however, slipped by 6 points. This survey also revealed that 30% of builders cut home prices in January, which is consistent with previous months.
- Building permits were at a preliminary level of 1,483,000 in December, which was a 0.7% month-over-month decline. Total housing starts on the other hand, surged 15.8% to reach a level of 1,499,000. Single-family housing starts specifically posted an increase of 3.3%, reaching a level of 1,016,000, which is the highest level in 10 months.
Review of Last Week
UP WE GO… Traders sent stocks sharply higher, inspired by solid Q4 earnings from big names in the financial sector, and the impending arrival of a new White House administration that is pushing deregulation and lower taxes.
Wall Street was also relieved to see Israel and Hamas with a ceasefire agreement. And a better-than feared core-CPI report featured a dip in year-over-year inflation. This also helped bonds, which could benefit mortgage rates.
Retail Sales gained in December, although most of the increase came from inflation. However, Industrial Production wrapped up the year on a surprisingly high note, as companies look forward to a healthier domestic business environment.
The week ended with the Dow UP 3.7%, to 43,488; the S&P 500 UP 2.9%, to 5,997; and the Nasdaq UP 2.4%, to 19,630.
Bonds ended the week ahead overall, the 30-Year UMBS 5.5% UP 0.11, to $98.16. The national average 30-year fixed mortgage rate edged up a tick 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 a recent survey, would-be buyers said move-in readiness and the right number of bedrooms were their top-rated home features, but home offices and updated kitchens were now low on the list!
Market Forecast
EXISTING HOME SALES, MORTGAGE APPLICATIONS, CONSUMER SENTIMENT… Economists expect Existing Home Sales to continue climbing in December. We'll check the MBA Mortgage Applications Index to see if last week's heightened buyer activity continues. University of Michigan Consumer Sentiment for January should dip slightly from its recent upward moving level.
All U.S. financial markets are closed today in observance of Martin Luther King Jr. Day.
Summary
Housing Starts rocketed up almost 16% in December, with both single-families and multi-families seeing gains. Building Permits slipped a smidge, but housing completions for the calendar year ran at the fastest pace since 2006.
National Association of Home Builders builder sentiment edged higher in January on hopes for an improved economy and regulatory environment. The NAHB is “forecasting a slight gain for single-family housing starts in 2025.”
The Mortgage Bankers Association reported total mortgage applications shot up 33.3% from the week before, reaching the highest level in a month, with purchase applications up 27% on heightened homebuyer activity.
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].
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