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 44 homes pending, with 6 homes sold in the last two weeks, averaging a sale price of $342 a square foot. Six homes sold over the asking price, with one home selling 5% above the listing price.
Compared to the two weeks prior: Homes sold are slightly down from 14 sold, but the average sales price per square foot is up to $1,037,336 ($710,640 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
With Memorial Day weekend behind us and graduation celebrations just around the corner, summer is officially knocking—and so is a shift in our local real estate market.
Across the north Houston suburbs—from Tomball to The Woodlands, Katy to Kingwood—we’re continuing to see signs of a temporary buyer’s market. While interest rates have crept up a bit compared to last month, high inventory and reduced competition mean buyers still have a small window of opportunity to negotiate favorable terms before summer activity picks up.
For sellers, don’t worry—momentum is building. Once the graduation dust settles and more families get serious about summer moves, we should see an uptick in buyer activity and showing traffic. If you’ve been waiting for the “right time” to list, the next few weeks could offer a sweet spot before the full heat of summer hits.
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 home sales reflect a surprising jump. Watch Now >>
- Logan Mohtashami on how we can build more homes. Listen Now >>
- As inventory climbs, is a market shift underway? Read Now >>
Market Recap
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Mortgage application submissions decreased 5.1% during the week ending 5/16. Both the Refinance Index and Purchase Index decreased 5%.
- Continuing jobless claims were at a level of 1,903,000 during the week ending 5/10, which was an increase of 36,000 from the week before. Initial jobless claims were at a level of 227,000 during the week ending 5/17, which was a decrease of 2,000.
- Building permits fell 4% in April, though it was still higher than the preliminary reading.
- Existing home sales slipped -0.5% month-over-month in April. This fell below expectations, reaching a level of 4,000,000.
- New home sales were at a seasonally adjusted annual rate of 743,000 in April, which a 10.9% increase from the month prior.
Review of Last Week
IN A BAD MOODY… After the runup in stocks since April 7, traders took their profits, further motivated by Moody’s downgrading the U.S. credit rating and threats of higher tariffs on imported iPhones and the EU. The major indexes fell.
However, Moody’s was just joining Standard & Poor’s who took similar action in 2011 and Fitch in 2023. But we did get a drop in both weekly mortgage applications and April's Leading Economic Index (LEI).
Nonetheless, the U.S. economy seems to be holding up. April New Home Sales surged, as noted above, plus initial jobless claims remain well below recession levels and indicate May nonfarm payrolls should show a fairly solid print.
The week ended with the Dow down 2.5%, to 41,603; the S&P 500 down 2.6%, to 5,803; and the Nasdaq down 2,5%, to 18,737.
The bond market also fell overall, the 30-Year UMBS 5.5% dropping 0.22, to 98.08. Freddie Mac's Primary Mortgage Market Survey reported the national average 30-year fixed mortgage rate inched up, but continued to stay lower than a year ago. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Fannie Mae forecasts 2025 will see 3.6% growth in home sales—and even stronger growth in 2026, with sales predicted to surge 6.8% to 5.25 million homes, fueled by economic growth both this year and next.
Market Forecast
PENDING HOME SALES, HOME PRICES, FED MINUTES, INFLATION… Analysts expect the April Pending Home Sales index of signed contracts on existing homes to dip slightly after moving up in March. The S&P Case-Shiller Home Price Index is forecast to show home prices rising at a slower rate. We'll look at FOMC Minutes from the Fed's May 6-7 meet for signs of the timing of future rate cuts. Friday's PCE Prices should report inflation close to, but still above, the Fed's 2% target.
Summary
April saw new home sales rocket up 10.9%, the biggest monthly gain in two years. Buyers have more choices, as inventory rose by 9% for the year–and they’re getting better deals, with the median sales price 2% below a year ago.
Existing Home Sales slipped a tad in April, but more homes are listed. The National Association of Realtors noted, “with the highest inventory levels in nearly five years, consumers are in a better situation to negotiate for better deals.”
First American Data & Analytics reports that although home prices keep rising, the pace is slowing, noting: “the annual growth rate has slowed to its lowest level since 2012, underscoring the ongoing rebalancing in the market.”
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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