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 5 homes pending, with 4 homes sold in the last two weeks, averaging a sale price of $152 a square foot. Four homes sold over the asking price, with one home selling 1% above the listing price.
Compared to the two weeks prior: Homes sold are up from 1 home sold to 4 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 77070.
Insight From Jo
As graduation celebrations take center stage and summer approaches, a shift in our local real estate market is becoming clear.
Across the north Houston suburbs—from Tomball to The Woodlands, Katy to Kingwood—we’re observing signs of a temporary buyer’s market. Although interest rates have edged up slightly compared to last month, elevated inventory and reduced competition continue to offer buyers a narrow window to secure favorable terms before the summer rush.
For sellers, momentum is quietly building. As the graduation season winds down and families begin making serious plans for summer moves, we anticipate a rise in buyer activity and showing traffic. If you’ve been waiting for the ideal time to list, the coming weeks may present a strategic opportunity ahead of peak season.
What is happening in the real estate market nationally?
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Have sellers already called it quits? Listen Now >>
- Home price growth has slowed. Here’s what we know. Watch Now >>
- How are outdated tax rules impacting the housing market? Read Now >>
Market Recap
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Mortgage application submissions surged 12.5% during the week ending 6/6. The Refinance Index increased 16% while the seasonally adjusted Purchase Index increased 10%.
- Inflation on the consumer price index (CPI) increased 0.1% in May, which was a slower-than-expected increase. Annual inflation increased slightly compared to April, rising to 2.4%. Core annual inflation (which strips food and energy costs) was even higher, at 2.8%.
- Continuing jobless claims increased 54,000 during the week ending 5/31, bringing the total number of claims to 1,956,000. Initial jobless claims remained unchanged at 248,000 during the week ending 6/7.
Review of Last Week
FREAKY FRIDAY… After positive vibes surrounding tariffs and inflation kept markets resilient to profit-taking pressures, stocks could not avoid finishing lower Friday on concerns over an escalating conflict between Israel and Iran.
Continuing jobless claims rose to a level not seen in more than three years, indicating laid-off workers are having trouble finding new jobs quickly. Initial jobless claims also gained on the week, but are nowhere near recession levels.
Plus, Consumer Price Index (CPI) inflation came in lower than expected in May, the deficit is down almost 9% from a year ago, and the Small Business Optimism and Michigan Consumer Sentiment indexes were both on the rise.
The week ended with the Dow down 1.3%, to 42,198; the S&P 500 down 0.4%, to 5,997; and the Nasdaq down 0.6%, to 19.407.
Risk-off money went over to bonds, which ended up overall, the 30-Year UMBS 5.5% UP 0.10, to 99.11. Freddie Mac reported the national average 30-year fixed mortgage rate inched down again, noting “rate stability, improving inventory and slower house price growth are an encouraging combination.” Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Home price growth should keep softening. New data says there are now nearly half a million— over 33%—more sellers than buyers. A year ago, there were just 6.5% more sellers. Two years ago, buyers outnumbered sellers.
Market Forecast
HOME BUILDING, RETAIL SALES, THE FED… Analysts expect Housing Starts and Building Permits to edge down in May, as builders remain focused on completions to meet higher homebuyer demand. Retail Sales are also forecast to take a May breather. Wednesday's FOMC Rate Decision should see the Fed keeping the rate on hold despite waning inflation.
Summary
The Mortgage Bankers Association (MBA) reported “purchase applications were 20% ahead of last year’s pace, continuing to show strength” last week, as “homebuyers seem to be taking advantage of loosening housing inventory.”
The MBA also revealed that in May “credit supply increased to its highest level since August 2022…as lenders offered a greater variety of loan types to support the spring homebuying season.”
Cotality found home price growth in April was up just 2% year-over-year, “the lowest growth in more than a decade,” noting that improved supply is “helping keep softer price pressures for those looking to buy this spring.”
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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• Download our Where to Live in Houston Texas ebook! http://byjoandco.com/wheretoliveebook.
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