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 28 homes pending, with 4 homes sold in the last two weeks, averaging a sale price of $291 a square foot. Four homes sold over the asking price.
Compared to the two weeks prior: Homes sold are slightly down from 5 sold, but the average sales price is up to $616,250 ($484,980 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
Interest rates have been trending in the right direction over the past week, creating a more favorable environment for buyers. As a result, we've seen a noticeable uptick in showings, indicating increased buyer activity. This momentum suggests that more buyers are re-entering the market, likely motivated by improved affordability and a desire to secure a home before rates fluctuate again. If you've been considering buying or selling, now could be a great time to make a move!
What is happening in the real estate market nationally?
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Mortgage rates trended lower last week. New home sales jumped in December. Home price appreciation continued to rise in November. Mortgage application submissions slipped a couple weeks ago. The Fed left rates unchanged. Jobless claims decreased, as did the GDP estimate for Q4 and pending home sales. Inflation was steady in December, while personal income and consumer spending increased. |
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Housing market hits a key level not seen since 2009. Read Now >>
- What are the housing policy priorities for the new administration? Listen Now >>
- Fed holds rates steady. Here’s what that means for you. Read Now >>
Market Recap
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New home sales surged beyond expectations in December, rising 3.6% month-over-month.
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The FHFA house price index rose 0.3% month-over-month in November. This was lower than expected.
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The 20-city Case-Shiller home price index climbed 0.4% month-over-month in November. Annual price appreciation was at 4.3%.
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Mortgage application submissions slipped 2% during the week ending 1/24. The Refinance Index decreased 7% while the Purchase Index decreased 0.4%.
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The Federal Open Market Committee (FOMC) voted to leave the benchmark interest rate unchanged.
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Continuing jobless claims fell by 42,000 during the week ending 1/18. Initial jobless claims slipped by roughly 20,000 during the week ending 1/25.
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GDP estimate for Q4 2024 was at 2.3%.
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Pending home sales slipped 5.5% in December.
- The Core PCE index climbed 0.2% month-over-month in December. Personal income climbed 0.4%, while consumer spending climbed 0.7%.
Review of Last Week
EVENTFUL… The week began with a focus on DeepSeek, a less resource-intensive Chinese AI platform, and ended with the announcement of imminent tariffs, with a Fed meet in between. Only the blue-chip Dow eked out a gain.
The Fed didn't cut rates, as expected, and Chair Powell said “we do not need to be in a hurry” to do so, as “inflation remains somewhat elevated.” Friday's Core PCE read bore this out, with prices up 2.8% annually three months in a row.
But business spending was up in December, two months in a row, consumer spending is the strongest since the start of 2023, and the low level of initial jobless claims is a good signal for growth prospects.
The week ended with the Dow UP 0.3%, to 44,545; the S&P 500 down 1.0%, to 6,041; and the Nasdaq down 1.6%, to 19,627.
Investor money moved over to bonds, sending them up overall, the 30-Year UMBS 5.5% UP 0.16, to $98.29. The national average 30-year fixed mortgage rate was down slightly 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… The Mortgage Bankers Association reports that in December, purchase mortgage applications for new homes were up nearly 9% year-over-year, as “first-time homebuyers remained active in the new home segment.”
Market Forecast
CONSTRUCTION SPENDING, CONSUMER SENTIMENT, JOBS… December Construction Spending is forecast to increase again overall, and we'll watch the residential segment. Economists expect February's preliminary University of Michigan Consumer Sentiment index to head up a bit. Friday should give us a modest December gain in new Nonfarm Payrolls and Average Hourly Earnings, with the Unemployment Rate holding at 4.1%.
Summary
New Home Sales rose in December for the second month in a row, a 6.7% year-over-year gain, to their highest level since 2021. Plus, the median sale price is 7.2% below its October 2022 peak, thanks to more lower-priced homes.
Pending Home Sales slipped in December, but the National Association of Realtors notes: “After four straight months of gains in contract signings, one step back…is not entirely surprising. Economic data never moves in a straight line.”
Home prices booked moderate gains in November. The national Case-Shiller index is up 3.8% from a year ago, and the FHFA index of prices for homes purchased with conventional mortgages is up 4.2% versus a 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/
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