Hi neighbor,
Today I will be sharing with you our perspective on the local real estate market here in Tomball, Texas, specifically a market update for the neighborhood of 77377. 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 77377?
We currently have 57 homes pending, with 27 homes sold in the last two weeks, averaging a sale price of $195 a square foot. Twenty-Seven homes sold over the asking price.
Compared to the two weeks prior: Homes sold are up from 11 homes sold to 27 homes sold and the average sales price is also up to $731,263 ($538,595 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 77377.
Insight From Jo
Interest rates are back where they were in March, and inventory is high. With a seller buy down right now is a great time to buy.
We foreshadow once the interest rates drop, the increase of buyers to increase home prices, which will lead to a dry up of the move in ready homes. New construction is still offering some amazing opportunities. Feel free to schedule a call if you want to discuss your options.
With summer coming to a close over the next couple of weeks, we are enjoying the sunshine and look forward to meeting you soon.
What is happening in the real estate market nationally?
Mortgage rates inched higher last week but are still trending lower than they were in June. Existing home sales decreased in June, as did new home sales. Mortgage application submissions decreased as well on a weekly basis, as did jobless claims. The PCE index increased, as did personal income and consumer spending,
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Inventory is rising. Watch Now Watch Now >>
- Home prices hit fresh record high. Read Now >>
- Will mortgage rates drop in time to help new housing supply? Listen Now >>
Market Recap
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Existing home sales were at a seasonally adjusted annual rate of 3.89 million in June, a 5.4% month-over-month decline in June.
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Mortgage application submissions slipped a composite 2.2% during the week ending 7/19. Refinance application submissions increased 0.3% while purchase application submissions decreased 4%.
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In June, new home sales were at a seasonally adjusted annual rate of 617,000, a 0.6% decline. They were expected to increase.
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Continuing jobless claims were at 1,851,000 during the week ending 7/13, a decrease of 9,000 from the week before. Initial jobless claims were at 235,000 during the following week, which was a decrease of 10,000.
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The core PCE index revealed that inflation increased 2.6% year-over-year in June. Personal income saw a monthly increase of 0.2%, while consumer spending increased 0.3% month-over-month.
Review of Last Week
CHOPPY… It was a volatile week on Wall Street as traders took profits out of the “Magnificent 7” and other tech darlings, then rallied on encouraging new inflation data, but not enough to bring gains to all market indexes.
PCE Prices, the Fed's favorite inflation read, rose a benign 0.1% in June, to a 2.5% annual rate, ever closer to the central bank's 2% target. This bolstered traders' convictions we'll see a Fed rate cut in September.
We also saw the usual mixed bag of economic data. Durable goods orders dropped and University of Michigan Consumer Sentiment stayed depressed, but initial Q2 GDP came in with 2.8% economic growth.
The week ended with the Dow UP 0.7%, to 40,589; the S&P 500 down 0.8%, to 5,459; and the Nasdaq down 2.1%, to 17,358.
Bonds headed up a bit overall, though the 30-Year UMBS 5.5% slipped 0.06, to $99.12. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate remained nearly half a percent below its peak earlier this year. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Q2 saw nearly 10% more homebuyer assistance programs than a year ago, for a total of 2,415, the highest on record. This from Down Payment Resource, which connects buyers with the down payment help they need.
Market Forecast
HOME PRICES, PENDING HOME SALES, THE FED, JOBS… This week has it all. On the housing front, the S&P Case-Shiller Home Price Index is expected to show slower annual gains, while the Pending Home Sales index of signed contracts on existing homes should post a rebound. Predictions are for the Fed's FOMC Rate Decision to be a hold. Forecasts call for July Nonfarm Payrolls to show continued softening in the labor market.
Summary
New single-family home sales slipped less than 1% in June. Good news for buyers—the median new home sales price is more than 9% below its 2022 peak, and total inventories hit a new post-pandemic high.
In contrast, low existing home inventories drove June sales down more than 5%, and the median price up more than 4% from a year ago. But things are improving—existing home inventories are up more than 23% the past year.
Realtor.com reports the housing market has been stable in recent weeks—prices flat, listings increasing, and homes staying on the market a bit longer—noting these weekly indicators are “somewhat buyer friendly signals.”
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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