Fairfield Real Estate Market Update | December 12, 2022
Today I will be sharing with you our perspective on the local real estate market here in Cypress, Texas, specifically a market update for the neighborhood of Fairfield. 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 Fairfield?
We currently have 9 homes pending, with 7 homes sold in the last two weeks, averaging a sale price of $155 a square foot. Seven homes sold over the asking price, with one home selling 4% above the listing price.
Compared to the two weeks prior: Homes sold are slightly down from 8 sold, but the average sales price is up to $453,700 ($431,800 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 (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 Fairfield.
Deep Dive on Home Prices Trajectory
What is happening in the real estate market nationally?
Mortgage rates trended higher last week. Home builder sentiment slipped lower in October, mortgage application submissions decreased, building permits increased, and housing starts fell. Continuing jobless claims increased while initial jobless claims fell. Existing home sales
|MORTGAGE RATES CURRENTLY TRENDING||THIS WEEK'S POTENTIAL VOLATILITY|
- Buyers are in a much better position than a few months ago. Read Now >>
- How will inflation data continue to affect mortgage rates? Listen Now >>
- For-sale homes are spending more time on the market. Read Now >>
- Home builder sentiment decreased to a level of 38 in October, lower than the expected level of 44. All three components dropped on the NAHB housing market sentiment index – current sales conditions fell 9 points to 45, sales expectations in the next six months dropped 11 points to 35, and prospective buyer traffic decreased 6 points to 25.
- Mortgage application submissions fell 4.5% during the week ending 10/14. Refinance application submissions decreased by 7% and purchase application submissions decreased by 3%.
- Building permits increased 1.4% month-over-month in September to a seasonally adjusted annual rate of 1.56 million units. Experts had predicted a decrease to 1.53 million units. Housing starts fell 8.1% month-over-month to a seasonally adjusted annual rate of 1.44 million units.
- Continuing jobless claims increased by roughly 20,000 during the week ending 10/8, climbing to a level of 1.39 million. Initial jobless claims decreased by 12,000 to a level of 214,000 during the week ending 10/15.
- In September, existing home sales were at a seasonally adjusted annual rate of 4.71 million units, a 1.5% decline from August but a higher-than-expected level according to economists’ expectations.
Review of Last Week
INFLATION UP, STOCKS DOWN... After Friday’s Producer Price Index reported hotter-than-expected wholesale price inflation in November, the three major stock benchmarks headed south, snapping two straight weeks of gains.
The PPI bump put traders on edge, worried it would inspire the Fed to get more aggressive about rate hikes at this week’s FOMC meeting. But it was good to see year-over-year PPI fall to 7.4%, though it’s still way too high.
Other positive signs: November ISM Non-Manufacturing headed higher, so the huge services sector of the economy is growing, and University of Michigan Consumer Sentiment rose too, but remains well below a year ago.
The week ended with the Dow down 2.8%, to 33,476; the S&P 500 down 3.4%, to 3,934; and the Nasdaq down 4.0%, to 11,005.
Bonds don't like inflation either and dipped overall, though the UMBS 5.5% edged up 0.04, to $101.26. The national average 30-year fixed mortgage rate fell for the fourth consecutive week in Freddie Mac's Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Homebuyers are getting more choice and more time to choose. For the week ending November 26, active inventory was 53% above a year ago and homes spent seven more days on the market compared to last year.
CHECKING IN ON INFLATION, RETAIL SALES, AND THE FED… Inflation is expected to keep heading up in November's Consumer Price Index (CPI). This may finally be discouraging consumers, since Retail Sales are forecast off a tick for November. Wednesday, we'll get the Fed's FOMC Rate Decision, predicted to be another half percent hike.
Fannie Mae’s Home Purchase Sentiment Index (HPSI) reversed course in November, posting a modest gain. The survey noted, “Consumers continue to expect mortgage rates to rise but home prices to decline.”
However, those mortgage rates have actually been falling. Freddie Mac’s Chief Economist noted that over the last four weeks, mortgage rates have seen “the largest decline since 2008.”
Home price gains are moderating. Real estate data firm CoreLogic reports: “Home price growth continued to approach single digits in October.” They forecast home prices up only 4.1% annually by October 2023.
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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