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 16 homes pending, with 6 homes sold in the last two weeks, averaging a sale price of $111 a square foot. Six homes sold over the asking price.
Compared to the two weeks prior: Homes sold are up from 0 home sold to 6 homes sold with the average sales price of $428,167. 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 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 Memorial Northwest.
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
- Flexing their equity, Baby Boomers are driving the housing market. Read Now >>
- Tariffs push home prices higher. Watch Now >>
- Home builders got a pass on lower tariffs. Read Now >>
Market Recap
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Construction spending inched up 0.7% month over month in February. This was higher than the expected increase of 0.3%. Residential construction was 1.3% above the revised January estimate of $917.1 billion.
- Job openings on the Job Openings and Labor Turnover Survey (JOLTS) came in below expectations in February. Though they were expected to be at 7,690,000, they were at 7,568,000.
- Mortgage application submissions slipped 1.6% during the week ending 3/28. The Refinance Index decreased 6% from the previous week and was 57% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 2% from one week earlier.
- The ADP nonfarm employment change in March was much higher than expected, coming in at 155,000.
- Continuing jobless claims were at 1,903,000 during the week ending 3/22, a 56,000 increase from the week before. Initial jobless claims were at 219,000 during the week ending 3/29, a 6,000 decrease from the week before.
- The employment situation had mixed results in March. Average hourly earnings rose 0.3% month-over-month but slipped to 3.8% annually (down from 4%). The average workweek was unchanged at 34.2 hours. Government payrolls increased by 19,000 and manufacturing payrolls increased by 1,000. Nonfarm payrolls and private payrolls came in above expectations at 228,000 and 209,000 respectively. The participation rate increased slightly to 62.5% while the unemployment rate rose to 4.2%.
Review of Last Week
TARIFF TANTRUM… President Trump announced reciprocal tariffs that were more aggressive than expected, so traders threw a tantrum, staging the worst single-day sell-off since the start of the pandemic five years ago.
The escalating trade tensions sparked talk on Wall Street of stagflation—stagnant growth combined with persistent inflation—even though the U.S. economy is joining the fray from a position of strength.
The ISM Non-Manufacturing read showed the dominant services sector still expanding, weekly initial jobless claims stayed well below recession levels, and a way better than expected 228,000 new jobs were added in March.
The week ended with the Dow down 7.9%, to 38,315; the S&P 500 down 9.1%, to 5,074; and the Nasdaq down 10.0%, to 15,588.
Traders put proceeds from their stock sales into bonds, pushing up prices, the 30-Year UMBS 5.5% spiking 1.08, to 100.23. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate ticked down again. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… In February, 20.5% of homes sold above asking price, 15.4% sold at asking price, while 64.2% sold below. Fewer homes are selling at or above asking price than last year, so the market could be shifting in favor of buyers.
Market Forecast
MORTGAGE APPLICATIONS, INFLATION, JOBLESS CLAIMS… We'll look at the MBA Mortgage Applications Index to see if purchase mortgage activity keeps climbing as it has the last few weeks. With inflation the hot topic, all eyes will be on the March Consumer Price Index (CPI), expected to show price growth moderating. The health of the labor market remains important, so it's good to see weekly Initial Unemployment Claims forecast to stay low.
Summary
Spending on residential construction rebounded in February, up 1.3% from January's weather-beaten building activities. Spending is now 1.6% ahead of a year ago, encouraging for the longer-term health of the housing market.
The Mortgage Bankers Association reported applications for purchase mortgages rose for another week, showing “year-over-year growth for more than two months…a positive development for the housing market.”
Realtor.com reports: “The spring housing market continues to warm up…with more homeowners putting their properties up for sale.” Last week, new listings were up 31.2% and total inventory up 32.3% from 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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