Oak Forest Real Estate Market Update | August 08, 2022
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 27 homes pending, with 6 homes sold in the last two weeks, averaging a sale price of $288 a square foot. Six homes sold over asking price, with one home selling 4% above the listing price. Compared to the two weeks prior: Homes sold is slightly down from 13 sold, and the average sales price is down as well. This is most likely a coincidence, so we will be sure to keep an eye on it over the next couple of weeks. 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. We cannot pinpoint another time in history where you were almost guaranteed to get over your homes current market value. Buyers agents around Houston are seeing a slow in the real estate market, but it isn’t affecting the neighborhoods with such high demand, like Oak Forest, so that is good news for anyone that waited until summer to sell. I know the interest rates rising has been one deterrent from some buyers purchasing right now, but that isn’t your ideal buyer anyways! And the educated buyer still knows, they need to buy ASAP. P.S. The median days on market is 17 days, with most homes selling during the first 15-16 days (aka a really good coming soon campaign like we do at Jo & Co. boosts that and your over asking price ratio!)
Check out the graphic below for a larger overview of the real estate market for the last two weeks in Oak Forest.
What is happening in the real estate market nationally?
Mortgage rates fluctuated greatly throughout last week but were overall relatively unchanged from the previous week. Construction spending decreased in June, as did the number of job openings. Mortgage application submissions saw a composite increase while both continuing and initial jobless claims climbed. The employment situation was overall better than expected.
|MORTGAGE RATES CURRENTLY TRENDING||THIS WEEK'S POTENTIAL VOLATILITY|
- CMG Financial’s Tara Pettersen named a 2022 HousingWire Woman of Influence. Read Now >>
- NAR Chief Economist: Slowed demand will open up opportunity for some buyers. Read Now >>
- What the Fed’s rate hike means for different kinds of interest rates. Read Now >>
- Total U.S. construction spending slipped 1.1% month-over-month in June.
- Job openings fell to 10.7 million in June, down from 11.3 million. There are still two jobs for every unemployed person.
- Mortgage application submissions increased a composite 1.2% during the week ending 7/29. The Refinance Index increased 2% while the Purchase Index increased 1%.
- Continuing jobless claims climbed by 48,000 to reach a level of 1.42 million during the week ending 7/23. Initial jobless claims increased as well, rising by 6,000 to reach a level of 260,000 during the week ending 7/30.
- Average hourly earnings increased 0.5% in July – slightly higher than the previous month. The average workweek remained unchanged at 34.6 hours. Government payrolls bounced back from their -6,000 drop in June, rising by 57,000 in July. Manufacturing payrolls were nearly twice as high than the expected level – increasing by 30,000. Nonfarm payrolls also greatly exceeded expectations, up by 528,000 compared to 250,000 expected. Private nonfarm payrolls exceeded expectations as well, rising by 471,000 compared to the 230,000 expected. The participation rate was relatively unchanged at 62.1%, and the unemployment rate decreased slightly to 3.5%.
Review of Last Week
STOCKS WEATHER JOBS JOLT... Friday, a blockbuster July jobs report rattled traders worried it would encourage the Fed to hike rates aggressively. But calm prevailed, with two major stock indexes up, one down a tick for the week.
With the 528,000 jobs added in July, nonfarm payrolls are finally higher than they were pre-pandemic, with 3.5% unemployment back to its pre-pandemic low. Too bad 5.2% wage growth isn't keeping up with 9.1% inflation.
Investors were buoyed by a drop in commodity prices and by corporate earnings largely better than feared. ISM Non-Manufacturing gained, ISM Manufacturing dipped, but both sectors remain in expansion territory.
The week ended with the Dow down 0.1%, to 32,803; the S&P 500 UP 0.4%, to 4,145; and the Nasdaq UP 2.2%, to 12,658.
Anticipating bigger Fed rate hikes, bonds sank, the 30-year UMBS 4.5% dropping 0.97, to $100.28. Yet the national average 30-year fixed mortgage rate fell for the third straight 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… The Q2 home ownership rate has increased for five straight quarters, showing buyers are finding paths to home ownership despite the headwinds, with households under 35 years old driving the growth.
INFLATION STILL HIGH, CONSUMER SENTIMENT STILL LOW... For July, the Consumer Price Index (CPI) is expected to report inflation still rising. The same goes for wholesale price inflation, tracked by the Producer Price Index (PPI). Small wonder that University of Michigan Consumer Sentiment for August should remain near historic lows.
Data firm Black Knight reports home price growth in June dropped nearly two percentage points, the largest monthly slowdown since the early 1970s. June also saw the largest single-month inventory increase in 12 years.
CoreLogic, another major data outfit, found price growth slowed for the second month in a row. They now forecast annual home price appreciation will drop to 4.3% by June 2023, in line with average price growth from 2010 to 2020.
Residential Construction Spending in June fell 1.6% below the revised May estimate. At a seasonally adjusted annual rate of $923.7 billion, home building is still a solid 15.6% higher than a year ago.
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.
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.
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