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 12 homes sold in the last two weeks, averaging a sale price of $331 a square foot. Twelve 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 11 homes sold to 12 homes sold and the average sales price is also up to $889,986 ($772,562 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.
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 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
Hi friends 💛
The last two weeks have been my busiest since summer started—and I’m so grateful. From helping buyers go under contract, to launching new listings, to even getting a seller under contract, it’s been nonstop action over here. 🏡✨
What I’m noticing (and feeling strongly about) is that we’re inching closer to a more balanced market. Inventory is slowly rising, buyer activity is steady, and while rates are still higher than we’d like, things are shifting.
Now, I don’t often bring politics into these updates, but something noteworthy happened recently: Donald Trump sent a letter to the Federal Reserve urging a rate cut. He pointed out that while the U.S. currently has one of the strongest economies with relatively low inflation, we’re also carrying one of the highest interest rates among developed nations.
Whatever your political stance may be, it’s interesting to see this kind of pressure being applied—and it may signal a rate drop is on the horizon. If you’ve been on the fence about buying or selling, keep your eyes on the market. Things are moving. 🙌
As always, I’m just a message away if you need anything. 💬
Hugs, Jordan
Jo & Co. 💕
What is happening in the real estate market nationally?
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- RXR CEO advises adding more supply to improve the housing shortage. Watch Now >>
- HW Lead Analyst discusses lower rates stabilizing the housing market. Listen Now >>
- Mortgage refinance demand surges as interest rates drop further. Read Now >>
Market Recap
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Construction spending slipped by 0.3% in May, which was lower than expected. Private construction spending fell by 0.5% while public construction spending increased by 0.1%.
- Job openings on the Job Openings and Labor Turnover Survey (JOLTS) increased in May, rising to 7, 769,000. This was above expectations.
- Mortgage application submissions increased 2.7% during the week ending 6/27. The Refinance Index increased 7% while the seasonally adjusted Purchase Index increased 0.1%.
- The ADP nonfarm employment change in June was at 33,000, which was much lower than the projected 99,000 forecast.
- The employment situation performed with varying results in the June report. Average hourly earnings decreased 0.2% month-over-month, falling from 0.4% the month before. Year-over-year, average hourly earnings fell short at 3.7%. The average workweek was at 34.2. Government payrolls spiked up by 73,000. Manufacturing payrolls stayed the same at 7,000. Nonfarm payrolls increased by 147,000, which was above expectations, while private payrolls dipped by 74,000, far lower than expected. The participation rate was at 62.3% while the unemployment rate was at 4.1%.
- Continuing jobless claims were at 1,964,000 during the week ending 6/21, which was roughly unchanged from the week before. Initial jobless claims were at 233,000 during the week ending 6/28, which was a decrease of 4,000 from the week before.
Review of Last Week
HALFTIME HIGHS… Thanks to de-escalating trade tensions and resilient economic data, the S&P 500 and Nasdaq finished the first half of the year at all-time highs, and both are now up by nearly 7% year-to-date.
The holiday-shortened week ended with a solid, better-than-expected 147,000 jobs added in June, unemployment ticking down to 4.1%, a big pickup in business spending in May, and the huge services sector back in growth mode.
Encouraging news included a trade deal with Vietnam, reports of Canada’s efforts to renew negotiations with the U.S., and speculation that other trade deals, including one with the EU, could come soon.
The week ended with the Dow UP 2.3%, to 44,829; the S&P 500 UP 1.7%, to 6,279; and the Nasdaq UP 1.6%, to 20,601.
Bonds declined a bit overall, the 30-Year UMBS 5.5% slipping 0.09, to 99.21. In Freddie Mac’s weekly survey, the national average 30-year fixed mortgage rate fell again, staying below its level 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 National Association of Realtors says nearly half of all home sales now involve seniors. Baby boomers account for 42% of buyers, while millennials make up only 29%, down from 38% a year ago.
Market Forecast
MORTGAGE APPLICATIONS, JOBLESS CLAIMS, TREASURY BUDGET… We'll check whether MBA Mortgage Applications continue to gain compared to last year. Economists expect Initial Jobless Claims to remain well below recession levels. They also forecast the Treasury Budget report will show a decline in the federal deficit for June.
Summary
Residential construction spending slowed a trifle in May compared to the revised estimate reported for the month before. Homebuilders are curtailing spending as they focus on completions to meet growing buyer demand.
The Mortgage Bankers Association reported applications for mortgages are gaining momentum, up for the second straight week. They noted, “purchase activity still remains 16% higher than last year’s pace.”
Realtor.com believes that “with inventory on the rise and more than 1 in 5 sellers cutting prices, the market is tilting back toward balance, marked by slowing price growth and increasing buyer leverage.”
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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