Oak Forest Real Estate Market Update | December 26, 2022
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 19 homes pending, with 6 homes sold in the last two weeks, averaging a sale price of $302 a square foot. Six homes sold over the asking price, with one home selling 2% above the listing price.
Compared to the two weeks prior: Homes sold are up from 3 homes sold to 6 homes sold and the average sales price is also up: $363,333 ($343,667 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 Oak Forest.
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
HOPING FOR SANTA... Stocks gained Friday to start the Santa Claus rally period (the final five trading days of the year and the first two of the new year). But that wasn’t enough to prevent a mixed performance for the week.
Traders fear the Fed will keep hiking rates until inflation falls to 2%, so bad economic news won’t lead to rate cuts just yet. The PCE price index, the Fed's favorite inflation read, fell to 5.5% annually, but that’s still way too high.
We had a dip in Durable Goods Orders and no growth in consumer spending, but we also got some decent corporate earnings and Q3 GDP revised up to 3.2%, so the Fed isn’t seeing the economic slowdown that should tame inflation.
The week ended with the Dow UP 0.9%, to 33,204; the S&P 500 down 0.2%, to 3,845; and the Nasdaq down 1.9%, to 10,498.
Bonds dropped overall, the UMBS 5.5% falling 0.91, to $101.13. The national average 30-year fixed mortgage rate continued trending down 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… Freddie Mac notes, “rates have declined significantly over the past six weeks, which is helpful for potential homebuyers.” The Mortgage Bankers Association feels “mortgage rates on a downward trajectory” could bring back prospective buyers.
PENDING HOME SALES, HOME PRICES, JOBLESS CLAIMS… November should see the Pending Home Sales index of signed contracts on existing homes slip just a tad. The Case-Shiller Home Price Index is forecast to show another decline in monthly price gains. Initial Unemployment Claims are predicted to hold at the current level,just north of 200,000.
Friday December 30, the stock markets are open, but the bond markets close early in observance of New Year’s Eve. Monday January 2, all financial markets are closed in observance of New Year’s Day.
New Home Sales shot up 5.8% in November after surging 8.2% in October and now sit at a 640,000-unit annual rate. The welcome gains were put to homebuilder incentives and the recent dip in mortgage rates.
Existing Home Sales fell in November, blamed on declining affordability. But the good news is, median prices are falling, now down five months in a row, and mortgage rates have lately dropped nearly a full percentage point.
Housing Starts slipped in November, all due to single-families, as multi-unit starts rose. But builders already have lots of projects in the pipeline, with the number of homes under construction at the highest level in the last 50-plus 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.
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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