77377 Real Estate Market Update | August 14, 2023
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 64 homes pending, with 22 homes sold in the last two weeks, averaging a sale price of $190 a square foot. Twenty-two homes sold over the asking price, with one home selling 6% above the listing price.
Compared to the two weeks prior: Homes sold are up from 13 homes sold to 22 homes sold and the average sales price is also up: $706,680 ($641,131 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 text AER to 79564 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.
Jo's Two Cents
With kids starting school this Wednesday for Klein ISD and the follow two weeks for our neighboring school districts, we will start to see a 2-3 month lull in real estate sales. Which will hopefully take us out of the multiple offer situations we have been seeing on homes in the desirable neighborhoods this summer. The low inventory has really hindered my personal buyers over the last 2-3 weeks. Where we are seeing less completion, are homes over $600k, homes not zoned to A-rated schools, the new construction market, and when it comes to cash purchases.
A group of economists are foreseeing a significant drop in interest rates for the upcoming year. This would clearly be good news for the housing market. Meanwhile, the rental market has remained robust, even amid rental price increases.
I think there are still lots of opportunities if you want a fixer upper or new construction. My favorite opportunities have been in Harper’s Preserve, The Highlands, Grand Central Park, Woodforest, Bridgeland, and Sunterra.
Here is a link to new construction in the Houston suburbs. | Click here
What is happening in the real estate market nationally?
Mortgage rates trended higher last week for a number of reasons – one was the talk surrounding the inflation report. The consumer price index was actually in line with expectations in July, but markets might think the Fed is misinterpreting this data. Mortgage application submissions slipped, as did continuing jobless claims, while initial jobless claims rose.
|MORTGAGE RATES CURRENTLY TRENDING||THIS WEEK'S POTENTIAL VOLATILITY|
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Mortgage application submissions fell a composite 3.1% during the week ending 8/4. Refinance application submissions decreased 4% while seasonally adjusted purchase application submissions fell 3%.
Continuing jobless claims were at 1,684,000 during the week ending 7/29, an 8,000 decrease from the week before. Initial jobless claims were at 248,000 during the week ending 8/5, a jump of roughly 20,000.
The consumer price index was pretty in line with expectations in July. Month-over-month levels were at 0.2% for both the regular CPI and the core CPI. Annual levels were at 4.7% for the core CPI and 3.2% for regular CPI. Though annual core inflation levels were lower than they were in June, regular CPI inflation levels were higher.
Review of Last Week
TAKING A LATE SUMMER BREAK... From March to the end of July, the S&P 500 went up nearly 18% and the Nasdaq 30%, so traders took a breather from buying, with only the blue-chip Dow ending ahead for the week.
As usual, economic data was mixed. Weak U.S. trade numbers and disappointing reports from China sparked global growth concerns. Plus, the Producer Price Index showed hotter-than-expected wholesale price inflation.
But the July Consumer Price Index was spot-on with estimates, total CPI up 3.2% annually and Core CPI down from its June read—and Initial Unemployment Claims are still running well below recession-like numbers.
The week ended with the Dow UP 0.6%, to 35,281; the S&P 500 down 0.3%, to 4,464; and the Nasdaq down 1.9%, to 13,645.
Bonds slid a tad overall, though the 30-Year UMBS 5.5% crept UP 0.08, to $98.20. Freddie Mac's Primary Mortgage Market Survey reported the national average 30-year fixed mortgage rate edged up. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… The shortage of existing home inventory has been a tailwind for new home demand. New-home builders have increased their share of the overall market from historical levels of 10% to 15% to more than 30%.
HOME BUILDING, RETAIL SALES, JOBLESS CLAIMS… Builders should continue to report ramped up activity, with Housing Starts and Building Permits both ahead for July. Retail Sales for the month are also expected to gain. Initial Jobless Claims are forecast to show a weekly decline, another sign of a resilient economy.
Home prices are on the rise. The Black Knight Home Price Index (HPI) hit an all-time high in June. Nearly every major market saw monthly growth, with new peaks reached in 30 of the 50 largest metros.
Fannie Mae’s July Home Purchase Sentiment Index showed many still don’t feel it’s a good time buy, but “consumers are reporting confidence in…their personal financial situation,” and nearly 2 in 3 said it was a good time to sell.
Home builders were happy to see the supply of new building lots in Q2 hit the highest level in three years. The Zonda New Home Lot Supply Index was up for the quarter and year-over-year. This will eventually boost inventory.
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.
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.
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