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 77070. 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 77070?
We currently have 8 homes pending, with 1 homes sold in the last two weeks, averaging a sale price of $165 a square foot. One homes sold over the asking price.
Compared to the two weeks prior: The number of homes sold is still the same, but the average sales price is up to $757,000 ($630,000 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.
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 77070.
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
- Compass CEO expects more buyers to come off the sidelines. Watch Now >>
- Housing inventory is here; where are the buyers? Read Now >>
- The housing market needs more small homes. Here’s Why >>
Market Recap
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The house price index slipped 0.1% month-over-month in March, which was below expectations. Annual home price appreciation was at 3.7%.
- The 20-city Case-Shiller home price index also slipped 0.1% month-over-month. Annually, the index showed price appreciation was at 4.1%, which is a decline from the month before.
- Mortgage application submissions slipped 1.2% during the week ending 5/23. Refinance application submissions decreased 7% while purchase applications submissions increased 3% thanks to increased housing inventory in many markets.
- Continuing jobless claims increased by over 25,000 during the week ending 5/17, despite a predicted decrease. Initial jobless claims increased as well, up 14,000 during the week ending 5/24.
- The GDP estimate for Q1 of 2025 was revised to a 0.2% decrease.
- Pending home sales slipped 6.3%, which was a much larger-than-expected decline for the month of April.
- The core PCE index for April increased 0.1% month-over-month. Personal income increased 0.8% and consumer spending inched up 0.2%.
Review of Last Week
TARIFF TEMPERATURE COOLS… The holiday-shortened week opened with news the President deferred the 50% tariff on the EU until July 9 to allow time for a deal. This boosted the major indexes enough to post gains for the week.
But the road to those gains was choppy, tripped up by April durable goods orders showing a big drop-off in business spending, while the second estimate for Q1 GDP delivered a downward revision for consumer spending.
Yet Consumer Confidence made a huge jump in May after five straight months of decline, and PCE Price inflation, the Fed's favorite read, dropped to 2.1% in April, with core PCE, excluding volatile food and energy prices, at 2.5%.
The week ended with the Dow UP 1.6%, to 42,270; the S&P 500 UP 1.9%, to 5,912; and the Nasdaq UP 2,0%, to 19.114.
Bond prices also headed north overall, the 30-Year UMBS 5.5% UP 0.19, to 98.27. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate edged up a tiny bit, but remains below 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… The price gap between new and existing homes has narrowed to a $14,600 average in Q1 2025, from $64,000 in Q4 2022. And when factoring in buyer incentives from builders, the gap can disappear.
Market Forecast
CONSTRUCTION SPENDING, MANUFACTURING, SERVICES, JOBS… April Construction Spending is expected grow overall, and we'll focus on the residential part. Analysts predict the May ISM Manufacturing Index will report that sector of the economy still in contraction territory, while the ISM Services Index will show that far larger sector expanding at a greater rate. Economists forecast a moderate gain in new Nonfarm Payrolls for May, with Average Hourly Earnings up, and the Unemployment Rate holding.
Summary
The Mortgage Bankers Association reported purchase mortgage applications up compared to the week before, with that measure of buyer activity a solid 18% higher than the same week a year ago.
Pending Home Sales, an index of signed contracts on existing homes, fell 6.3% in April, but with inventory at five-year highs, the National Association of Realtors says buyers “are in a better position to negotiate more favorable terms.”
The closely followed Case-Shiller Home Price Index disclosed, “home price growth continued to decelerate on an annual basis in March,” down 0.6% from February, while FHFA home price growth also dipped for the month.
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/
• Download our Moving to Texas ebook! http://byjoandco.com/movingtotexasebook.
• Download our Where to Live in Houston Texas ebook! http://byjoandco.com/wheretoliveebook.
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