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 5 homes pending, with 1 home sold in the last two weeks, averaging a sale price of $15729 a square foot. One home sold over the asking price.
Compared to the two weeks prior: Homes sold are slightly down from 2 sold, but the average sales price is up to $503,000 ($333,050 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 (modern) homes are going (must not be overpriced), 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 Terranova West.
Insight From Jo
Hi friend! It might feel quiet out there—I'm seeing more homes hitting the market than I ever have—but fewer buyers are stepping up. That gives us a rare opening for both sides of the fence.
Here’s why it matters right now:
- Deals are slipping away—In July, about 15.3% of home-purchase agreements were canceled nationwide, the highest July cancellation rate on record. In Texas, cancellations were particularly high, with places like San Antonio seeing nearly 23% of contracts fall through. That means many listings are being reconsidered or pulled, creating fresh opportunities for prepared buyers.
- Sellers outpace buyers—Nationally, there are nearly 500,000 more sellers than buyers—34% more, to be exact—the largest gap since 2013. That shift has fully turned the market in favor of buyers.
Why Sellers Should Act Now
You’ve probably heard that “you can’t time the market”, but right now you actually can—because you have plenty of competition but not enough buyers. That means pricing smart, staging well, and staying flexible could help you stand out and close a deal quickly.
- Buyers are cautious (and canceling), but that means if your listing is attractive and well-priced, you’ll capture attention—and action.
- Homes are taking longer to sell, and in many markets, prices are softening or dipping.
- A reliable agent who can guide pricing using up-to-date comparables can give you an edge in this crowded field.
The bottom line? Waiting might only mean more competition and fewer offers down the line.
Why Buyers Should Feel Excited (Not Intimidated)
Let’s be honest: high prices and rising costs have spooked many would-be buyers. But guess what? That hesitation gives savvy buyers real leverage.
- With sellers outnumbering buyers by a substantial margin, you're in the driver’s seat—even if it doesn’t feel that way.
- Homes are staying on the market longer, and many sellers are willing to negotiate on price, closing costs, or repairs.
- If you’re ready, you can negotiate with confidence, making offers that reflect true value—not just market hype.
My Two Cents
- Sellers: Let’s position your home to shine—great photos, fair pricing, and maybe a touch of flexibility to signal you're serious about making things happen. Buyers today are choosing smart over fast.
- Buyers: This is your moment. You have options, you’re not rushed into bidding wars, and you can negotiate terms that truly work for you. Don’t let hesitation cost you a home you love.
I’m here to help—whether that means crafting an inviting listing or putting together a strategic offer that stands out. Reach out when you're ready to take advantage of the moment—because opportunities like this don’t come around every day.
What is happening in the real estate market nationally?
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Entry-level first-time homes are the best inventory right now. Watch Now>>
- The most important housing data to monitor for the rest of 2025. Listen Now>>
- Builders are pricing to get buyers moving. Read More>>
Market Recap
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Building permits were at a level of 1,362,000 in July, which was a 2.2% month-over-month decline, but it still exceeded expectations.
- New home sales came in above expectations in July, falling to only 0.6% month-over-month.
- The FHFA house price index showed that house prices cooled by 0.2% month-over-month in June. Prices are still 2.6% higher from June of last year.
- The seasonally adjusted 20-city Case-Shiller home price index also showed a decline in prices in June, slipping by 0.3% month-over-month.
- Mortgage application submissions decreased by 0.5% during the week ending 8/22. The Refinance Index decreased 4% from the previous week and was 19% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 2% from one week earlier.
- Continuing jobless claims were at a level of 1,954,000 during the week ending 8/16, a decrease of 7,000 from the week before. Initial jobless claims were at a level of 229,000 during the week ending 8/23, a decrease of 5,000 from the week before.
- The GDP estimate for Q2 increased by 3.3%.
- Pending home sales fell by 0.4% in July, which was in line with expectations.
- Core inflation on the PCE index maintained its level of 0.3% in July. Personal income saw an expected increase of 0.4% in July. Consumer spending increased, rising to 0.5%.
Review of Last Week
A HOT FOUR MONTHS… August ended with the Dow and the S&P 500 booking four straight months of gains, and the Nasdaq five, although the three major indexes slipped for the week on Friday's sticky inflation report.
Overall PCE Prices held inflation at a 2.6% annual rate in July—no drop, but no increase either. Inflation hasn't accelerated since tariffs, though consumers still worry, according to the University of Michigan Consumer Sentiment survey.
Yet Personal Income and Spending were both up nicely from a year ago, and core capital goods shipments showed business investment rose robustly in July. Plus, Q2 GDP had the U.S. economy growing at a 3.3% annual rate.
The week ended with the Dow down 0.2%, to 45,545; the S&P 500 down 0.1%, to 6,460; and the Nasdaq down 0.2%, to 21,456.
Bonds ended up a tick overall, while the 30-Year UMBS 5.5% surged 0.87, to 100.18. In Freddie Mac’s Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate ticked down to a new 10-month low. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… A national real estate database reports that even with a slight decline in the number of sellers nationally, there are still about 36% more sellers than buyers, the biggest difference in 12 years.
Market Forecast
CONSTRUCTION SPENDING, MORTGAGE APPLICATIONS, JOBS… July Construction Spending is forecast to grow overall, but we'll check the residential part. We'll also keep track of the MBA Mortgage Applications Index to see if the recent upward trend in purchase applications continues. The August jobs report is expected to show a modest monthly gain in new Nonfarm Payrolls, a solid gain for Average Hourly Earnings, and a slight uptick in the Unemployment Rate.
Summary
The Pending Home Sales measure of signed contracts on existing homes posted a small year-over-year gain in July, which the National Association of Realtors put to “modest improvements in housing affordability and inventory.”
New Home Sales saw a small decline in July, but prices are also declining, with sale prices down almost 6% the past year and down over 12% since their 2022 peak, as more builders cut prices and offer buyer incentives.
The closely followed Case-Shiller index reported home prices grew in June at the slowest rate in two years. Analysts called this historically significant, as home prices failed to keep pace with overall inflation for the first time in years.
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?!
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