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 38 homes pending, with 12 homes sold in the last two weeks, averaging a sale price of $328 a square foot. Twelve homes sold over the asking price, with one home selling 4% above the listing price.
Compared to the two weeks prior: Homes sold are up from 9 homes sold to 12 homes sold. 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.
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
Even though interest rates haven’t dropped drastically like many of us were hoping, they have come down a bit—and that’s still a win! They’re in a better spot now than they were just a few months ago, and that little shift is already having an impact on the market.
We’re seeing more homes being listed, more buyers stepping in, and even a noticeable bump in mortgage applications. People are adjusting, getting more comfortable, and making moves again—which is great to see!
So while we're not in a “perfect storm” of low rates and high inventory (yet), things are trending in a positive direction. And if you’ve been waiting for a little more breathing room before jumping in, this might be your sign to take a closer look.
What is happening in the real estate market nationally?
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Fannie Mae raises home sales outlook for 2025. Read Now >>
- Housing supply is good but affordability is still an issue. Watch Now >>
- New FHFA director confirms there will be no cuts to the conforming loan limits. Read Now >>
Market Recap
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The FHFA house price index increased 0.2% month-over-month in January, which was lower than the previous month.
- The 20-city Case-Shiller home price index increased 0.5% month-over-month and 4.7% year-over-year in January. This annual appreciation was higher than expected.
- New home sales increased 1.8% month-over-month in February, which was a lower than expected increased. The median new home sales price declined month-over-month.
- Mortgage application submissions slipped 2% during the week ending 3/21. The refinance decreased 5% from the week before but was 63% higher than the same week one year ago. The seasonally adjusted purchase index increased 1% from the week before. Purchase applications saw the strongest weekly pace in almost two months, driven primarily by a 6% increase in FHA applications.
- Continuing jobless claims were expected to increase during the week ending 3/15, but decreased by 25,000, down to a level of 1,856,000. Initial jobless claims decreased as well, dropping by 1,000, down to a level of 224,000.
- GDP slipped from 3.1% down to 2.4% in this month’s Q4 estimate, but this number was still higher than expected.
- Pending home sales inched up 2% in February, which was double the expected increase. Contract signings likely increased due to the downward trend in rates last month.
- The core PCE index from February came in hotter than expected at 0.4% month-over-month and 2.8% annually. Personal income was double the expected increase at 0.8% month-over-month. Consumer spending, on the other hand, came in lower than expected at 0.4%; this is what the markets were more focused on, as opposed to inflation.
Review of Last Week
TARIFFIC TRIP… Stocks took traders on a wild ride, as tariff concerns rose, abated, then rose again. Worries over inflation and consumer sentiment also sent the three major market indexes down for the week.
The whole tariff story is still to be told, yet consumer confidence has dipped—no doubt from all the negative tariff coverage in the media—while the Fed’s favorite PCE Prices inflation measure increased a trifle more than expected.
Yet inflation is staying under 3%, and consumers were confident enough to up their spending both in February and compared to last year. Plus, businesses keep investing, as Durable Goods Orders increased for another month.
The week ended with the Dow down 1.0%, to 41,584; the S&P 500 down 1.5%, to 5,581; and the Nasdaq down 2.6%, to 17,323.
Overall, bond prices didn't move much on the week, the 30-Year UMBS 5.5% edging down 0.14, to 99.15. The national average 30-year fixed mortgage rate ticked down 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… First American’s data pegs annual home price appreciation at 2.1%. If that holds, along with current inventory, they say “affordability will improve by nearly 3.5% by the end of 2025.”
Market Forecast
CONSTRUCTION SPENDING, MORTGAGE APPLICATIONS, JOBS… We'll check to see if the residential piece of Construction Spending stays on its upward trajectory. Likewise, the purchase part of the MBA Mortgage Applications Index, which has been trending upward. Economists expect the labor market to remain healthy, the March jobs report showing continued growth in Nonfarm Payrolls and Average Hourly Earnings, and the Unemployment Rate a low 4.1%.
Summary
New Home Sales gained in February, and are up 5.1% from a year ago. The median sales price is now down 10% from its 2022 peak. Inventories rose, with the supply of completed homes up over 280% from their 2022 bottom.
The Pending Home Sales measure of contract signings on existing homes also advanced in February. This year, the National Association of Realtors expects those sales will increase 6%, and new home sales by 10%.
Home prices rose modestly in January, the Case-Shiller index up 0.6%, and the FHFA up just 0.2%. Annual home price increases keep cooling, well below last year’s February peak, as inventory grows.
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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