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 41 homes pending, with 14 homes sold in the last two weeks, averaging a sale price of $323 a square foot. Fourteen homes sold over the asking price, with one home selling 7% above the listing price.
Compared to the two weeks prior: Homes sold are up from 6 homes sold to 14 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
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
- Why is non-QM lending so big right now? Listen Now >>
- NAR members impact Legislation on Capitol Hill. Read Now >>
- Apartment rent growth slows due to high vacancy rate. Watch Now >>
Market Recap
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Construction spending slipped by 0.4% in April, which was below expectations. Private construction spending slipped by 0.7% while public construction spending increased 0.4%.
- Job openings on the job openings and labor turnover survey increased in April, rising to 7,391,000. This was above expectations.
- Mortgage application submissions decreased 3.9% during the week ending 5/30. Both the Refinance index and the seasonally adjusted Purchase index slipped by 4%.
- The ADP nonfarm employment change in May was at 37,000, which was much lower than expected.
- Continuing jobless claims were at 1,904,000 during the week ending 5/24, which was roughly unchanged from the week before. Initial jobless claims were at 247,000 during the week ending 5/31, which was an increase of 8,000 from the week before.
- The employment situation performed stronger than expected in the May report. Average hourly earnings increased 0.4% month-over-month, which was double the increase from the month before. Year-over-year, average hourly earnings were up 3.9%. The average workweek was at 34.3 hours. Government payrolls slipped by 1,000. Manufacturing payrolls slipped by 8,000. Nonfarm payrolls increased by 139,000, while private payrolls increased by 140,000 — both of which were above expectations. The participation rate was at 62.4% while the unemployment rate was at 4.2%.
Review of Last Week
GOOD JOBS, GREAT MARKETS… The S&P 500 soared to 6,000 in the wake of a better-than-expected May jobs report, along with the news the President's top trade reps will meet with the Chinese in London today.
As usual, all was not upbeat, as the May ISM Manufacturing Index stayed in contraction territory, joined by the ISM Services Index, indicating a slowing economy. But the April trade deficit plunged to $61.6 billion.
And May saw 139,000 new jobs, while the unemployment rate, at 4.2%, stayed in the lowest 10% of readings back to 1948. Plus, higher hourly earnings growth should keep consumers spending and the economy growing.
The week ended with the Dow UP 1.2%, to 42,763; the S&P 500 UP 1.5%, to 6,000; and the Nasdaq UP 2.2%, to 19.530.
Bonds overall dipped a smidge, though the 30-Year UMBS 5.5% went UP 0.74, to 99.01. In Freddie Mac's weekly survey, the national average 30-year fixed mortgage rate decreased—“welcome news to potential homebuyers who also are seeing inventory improve and house price growth slow.” Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… A new survey revealed a growing number of millennials are planning to buy a home—and soon. In April, 23% of millennial respondents said they intend to buy in the next six months, up from 15% last September.
Market Forecast
MORTGAGE APPLICATIONS, INFLATION, CONSUMER SENTIMENT… We'll check the MBA Mortgage Applications Index to see whether purchase applications keep coming in ahead of last year. Economists expect inflation to continue to moderate in May, as measured by the Consumer Price Index (CPI). They're also forecasting that the preliminary June read for University of Michigan Consumer Sentiment will head northward, a welcome sign for the economy.
Summary
In May, the total number of listings topped 1 million homes for the first time since before the pandemic, while in April, the total value of homes for sale surged to a record $698 billion, up 20.3% from last year.
The Mortgage Bankers Association’s weekly survey reported that mortgage applications “continue to exhibit annual gains, with purchase applications running 18% ahead of last year’s pace.”
Overall spending on residential construction in April came in a smidge below the revised March estimate, but spending on single-families, though also off a bit for the month, were only 2.2% lower than 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/
• 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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