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 12 homes pending, with 3 homes sold in the last two weeks, averaging a sale price of $103 a square foot. Three homes sold over the asking price, with one home selling 1% above the listing price.
Compared to the two weeks prior, we haven’t seen big changes in the market. The average sales price in the neighborhood is $332.250. 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.
I know the interest rates rising has been one deterrent from some buyers purchasing right now, but that isn’t your ideal buyer anyways! And the educated buyer still knows, they need to buy ASAP. 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
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?
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- New HUD secretary to prioritize GSE privatization and more. Read Now >>
- Here’s what mortgage rates and home buying activity say about the spring season. Read Now >>
- MBA is pushing for lower FHA mortgage insurance premiums. Read Now >>
Market Recap
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Job openings on the Job Openings and Labor Turnover Survey (JOLTS) were lower than expected in December, at just 7.60 million versus 8.01 million.
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Mortgage application submissions climbed 2.2% during the week ending 1/31. This includes adjustments for the Martin Luther King Jr. holiday. Refinance application submissions increased 12% while seasonally adjusted purchase application submissions decreased 4%.
- The ADP nonfarm employment change was at 183,000 in January, which surpassed the expected level of 148,000.
- Continuing jobless claims increased by 36,000 during the week ending 1/25, bringing the total level to 1,886,000. Initial jobless claims increased as well, rising by 11,000 during the week ending 2/1. The total number of initial claims was at 219,000.
- The employment situation reports were mixed in January. Average hourly earnings increased by 0.5%, which likely caused the bond sell off on Friday. The average workweek slipped to 34.1 hours, which was unexpectedly lower than December’s workweek. Government payrolls increased by 32,000, while manufacturing payrolls added 3,000 jobs. Nonfarm payrolls, on the other hand, added 143,000 jobs, which was about half the number of additions in December and lower than the expected increase. Private payrolls were below expectations as well, rising by 111,000 instead of 141,000. The participation rate increased to 62.6% while the unemployment rate dropped to 4%.
Review of Last Week
WAXING AND WANING… The major stock indexes kept heading up and down on market-moving economic data and continued concerns over inflation and tariffs, with all three finally finishing down for the week.
A modest 143,000 new nonfarm payrolls were added in January. A healthy jump in average hourly earnings bodes well for consumer spending, although it could also keep inflation as sticky as it's been.
But productivity is rising, which should help check inflation. Plus, the dominant services sector of the economy is still growing, while the manufacturing sector finally expanded after 26 straight months of contraction.
The week ended with the Dow down 0.5%, to 44,303; the S&P 500 down 0.2%, to 6,026; and the Nasdaq down 0.5%, to 19,523.
Bond prices eked out an overall gain, the 30-Year UMBS 5.5% UP 0.75, to $99.04. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate fell for the third straight week. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… More than a million new homes were built last year, and inventory keeps growing. Plus, the median listing price fell year-over-year and remained competitive with existing homes on a per-square foot basis.
Market Forecast
MORTGAGE APPLICTIONS, INFLATION, RETAIL SALES… We'll keep an eye on weekly MBA Mortgage Applications to check for growth in purchase loan activity. Economists expect inflation to remain decidedly above the Fed's 2% target in both the Consumer Price Index (CPI) and the Producer Price Index (PPI) of wholesale prices. A slowing economy, which the Fed wants to see, should be reflected in January Retail Sales, forecast to show no gain over December.
U.S. financial markets will be closed next Monday, February 17, in observance of Presidents’ Day/Washington’s Birthday.
Summary
Ending the year on a positive note, residential construction spending in December came in 1.5% ahead of the month before. The seasonally adjusted annual rate of $939.5 billion was 6% ahead of December last year.
February’s ICE Mortgage Monitor reported for-sale inventory bounced back 22% in 2024, to the highest level in nearly five years! Inventories are expected to normalize in 40% of the country's markets this year.
Realtor.com reports last week, new listings grew 4.2%, inventory was 26.7% higher than a year ago, and the median listing price fell 1% annually, marking 36 straight weeks with the median price flat or down year-over-year.
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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