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 2 homes sold in the last two weeks, averaging a sale price of $140 a square foot. Two homes sold over the asking price.
Compared to the two weeks prior: Homes sold are slightly down from 4 sold, and the average sales price is down as well. This is most likely a coincidence, so we will be sure to keep an eye on it over the next couple of weeks. 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 homes are going, 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 the neighborhoods. 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
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
- FHFA Director says the Fed needs to lower rates. Watch Now >>
- A shadow Fed president is coming soon. Here’s what that means >>
- Investors are optimistic about a rate cut in July. Read Now >>
Market Recap
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Existing home sales were at a seasonally adjusted annual rate of 4,030,000 in May. This was higher than expectations and higher than April’s level by 0.8%. Single family home sales were up by 1.1% month-over-month and up by 0.3% compared to last year. Total inventory and month’s’ supply increased as well, a good sign for hopeful buyers.
- The FHFA house price index showed that house prices cooled by 0.4% month-over-month in April. Prices are still 3% higher from April of last year.
- The seasonally adjusted 20-city Case-Shiller home price index also showed a decline in prices in April, sliding by 0.3% month-over-month.
- Mortgage application submissions climbed by 1.1% during the week ending 6/20. While refinance application submissions increased 3% from the week before, purchase application submissions decreased 0.4%.
- New home sales came in below expectations in May, slipping by 13.7% month-over-month.
- Continuing jobless claims increased by nearly 40,000 during the week ending 6/14. This was a higher-than-expected climb, bringing the total to 1,974,000 continuing jobless claims. Initial jobless claims, on the other hand, decreased by 10,000 during the following week. This brought the total number of initial jobless claims down to 236,000.
- The GDP estimate for Q1 decreased by 0.5%.
- Pending home sales jumped by 1.8% in May, which is much higher than what was expected.
- Core inflation on the PCE index increased by 0.2% month over month in May, which was higher than expected. Personal income, on the other hand, saw a surprising 0.4% decline in May. Consumer spending also decreased, slipping by 0.1%.
Review of Last Week
SUMMER RALLY… A ceasefire between Israel and Iran, positive economic data, impressive corporate earnings, and another Fed Governor hinting at a July rate cut rallied stocks, with the S&P 500 and Nasdaq hitting record highs.
As usual, all was not perfect. New Home Sales slumped, as reported above, the third estimate for Q1 GDP was revised downward, and consumer spending declined in May, while PCE inflation ticked up a tad.
Nevertheless, Durable Goods Orders surged, University of Michigan Consumer Sentiment improved overall, and initial jobless claims remain at low levels not associated with a recession, or even a significant economic slowdown.
The week ended with the Dow UP 3.8%, to 43,819; the S&P 500 UP 3.4%, to 6,173; and the Nasdaq UP 4.2%, to 20,273.
Bonds also moved higher, the 30-Year UMBS 5.5% heading UP 0.26, to 99.30. Freddie Mac’s weekly survey found the national average 30-year fixed mortgage rate decreased for another week. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Thanks to the overall increase in housing inventory, home price growth slowed in April, to annual rates of 2.7% in the Case-Shiller Index and 3.0% in the FHFA Index of homes financed with conforming mortgages.
Market Forecast
CONSTRUCTION SPENDING, MORTGAGE APPLICATIONS, JOBS… Overall Construction Spending should decrease slightly for May, but we'll focus on the residential component. We'll also check to see if MBA Mortgage Applications continue to increase. Economists forecast modest gains in Nonfarm Payrolls and Average Hourly Earnings for June, while the Unemployment Rate stays low.
Thursday, July 3, the stock markets will close at 1 p.m., the bond markets at 2. All U.S. financial markets will be closed Friday, July 4, for Independence Day.
Summary
The National Association of Realtors (NAR) reported Existing Home Sales rose in May, and for the second half of the year, home sales could “increase due to strong income growth, healthy inventory, and a record-high number of jobs.”
Their Pending Home Sales index of signed contracts on existing homes gained almost 2% in May, which they feel is evidence that buyers are showing up, as “hourly wages are increasing faster than home prices,”
May New Home Sales didn't fare as well, declining more than 13%. But median new home sales prices are down 7.3% from their 2022 peak, and the supply of completed single-family homes is up 280% from their 2022 bottom.
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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