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 Terranova West. 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 Terranova West?
We currently have 13 homes pending, with 4 homes sold in the last two weeks, averaging a sale price of $114 a square foot. Four homes sold over the asking 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 Terranova West.
Insight From Jo
Over the last two weeks, we’ve seen a noticeable uptick in buyer activity across our local market. Showings are increasing, inquiries are rising, and open houses are busier — signaling a renewed confidence from those looking to make a move this summer.
On the other side of the transaction, more homes are hitting the market, offering buyers a wider selection and refreshing the inventory just in time for those wanting to be settled before the new school year or the holidays.
Interest rates have remained relatively stable — not the dramatic drop some are hoping for, but still offering buyers consistency and the opportunity to lock in a rate before any future changes. With the right strategies (and builder incentives), many are still securing rates in the 5–6% range.
New construction opportunities are booming right now. Builders are still offering impressive incentives — including interest rate buy-downs, closing cost contributions, and quick move-in homes across nearly every price point. Whether you’re looking for something turnkey or planning for a fall move-in, there’s a strong mix of options available.
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Thinking of Buying or Selling?
Now is a smart time to act. Buyers are benefitting from more choices and incentives, while sellers are taking advantage of renewed interest and serious, ready-to-move summer buyers. If you’ve been waiting for a sign — this is it.
I cannot wait to hear your goals and build a game plan that works for you. 
What is happening in the real estate market nationally?
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- HousingWire Lead Analyst discusses mortgage rates following the Fed announcement. Listen Now >>
- Fed Chair Powell discusses the best ways to help housing market. Watch Now >>
- Unprecedented shift in pricing puts new builds within reach. Read Now >>
Market Recap
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Retail sales slipped 0.9% month-over-month in May, which was a steeper decline than expected. Core retail sales had a decline of 0.3% despite the expectation for them to rise 0.2% month-over-month.
- The National Association of Home Builders (NAHB) housing market index dropped by two points in June, falling to a level of 32. The index declined on all three components: current sales conditions, sales expectations for the next six months, and traffic of prospective buyers.
- Mortgage application submissions slipped 2.6% during the week ending 6/13. The Refinance Index decreased 2% while the seasonally adjusted Purchase Index decreased 5%.
- Building permits came in below expectations in the initial reading for May. At a seasonally adjusted annual rate of 1,393,000, they slipped 2% month-over-month. Housing starts declined as well, slipping 9.8% month-over-month, down to a seasonally adjusted annual rate of 1,256,000.
- Initial jobless claims fell by 5,000 during the week ending 6/14, bringing their total down to 245,000. Continuing jobless claims fell as well during the week prior, slipping by 6,000 to bring the total down to 245,000.
- The Federal Open Market Committee (FOMC) left the benchmark interest rate unchanged at 4.5% at this month’s meeting.
Review of Last Week
WAIT AND SEE… Wednesday the Fed left the rate unchanged, sticking by its wait-and-see stance on the economy. Traders followed suit, leaving the three major stock indexes essentially flat at the end of the holiday-shortened week.
The Israel-Iran conflict also made Wall Street cautious. Plus, May's Leading Economic Index (LEI) and Retail Sales both dropped, although the latter was seen as payback for tariff front-running earlier in the year.
But Initial and Continuing Unemployment Claims fell for the week, the Fed kept to its estimate for two rate cuts by the end of the year, and on Friday, one Fed governor floated the possibility of a rate cut in July!
The week ended with the Dow UP just 9 points, to 42,207; the S&P 500 down 0.2%, to 5,968; and the Nasdaq UP 0.2%, to 19.447.
Bonds inched ahead overall, though the 30-Year UMBS 5.5% ended down 0.07, at 99.04. The national average 30-year fixed mortgage rate moved down again, reaching a four-week low, in Freddie Mac’s weekly survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Realtor.com finds “today’s market more buyer-friendly than a year ago.” They note, “new listings are rising, inventory is rebounding, and prices are holding steady,” while “consumer confidence is also increasing.”
Market Forecast
NEW, EXISTING, PENDING HOME SALES, HOME PRICES, INFLATION… A big week for May housing data. Both New Home Sales and Existing Home Sales are expected to dip slightly for the month. But the Pending Home Sales index of signed contracts on existing homes is forecast to rebound, Economists predict home price growth will continue to moderate in the April S&P Case-Shiller Home Price Index. Finally, inflation should continue to slow in May, according to PCE Prices, the Fed's favorite inflation measure.
Summary
May saw a modest increase in single-family home starts, though starts overall declined (solely from a drop in the volatile multi-family segment). Completions grew 5.4%, hitting above the 1.5 million annual rate 11 of the last 12 months.
That resulted in the largest inventory of completed single-family homes since 2009. It also pushed new building permits down a bit in May, as builders focused on buyer incentives to sell their completed projects.
A national data firm reports that over a recent four-week period, only 28% of homes sold above asking price, another sign of a buyer’s market. In comparison, 53% of homes sold above listing price in the seller’s market three years 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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