Oak Forest Real Estate Market Update | January 23, 2023
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 21 homes pending, with 5 homes sold in the last two weeks, averaging a sale price of $294 a square foot. Five homes sold over the asking price, with one home selling 1% above the listing price.
Compared to the two weeks prior: Homes sold are slightly down from 7 sold, but the average sales price is up to $705,300 ($589,557 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 Oak Forest.
Jo's Two Cents
What is happening in the real estate market nationally?
Mortgage rates ended last week slightly higher than the week before. Mortgage application submissions surged. Retail sales slipped in December and the National Association of Home Builders (NAHB) housing market sentiment index increased in January. Continuing jobless claims increased while initial jobless claims fell. Housing starts and building permits decreased in December, as did existing home sales.
|MORTGAGE RATES CURRENTLY TRENDING||THIS WEEK'S POTENTIAL VOLATILITY|
- How are housing completions affecting mortgage rates? Read Now >>
- CNBC’s Diana Olick talks about the mortgage surge driven by lower rates Watch Now >>
- 2023 mortgage rate predictions: so far, so good. Read Now >>
- During the week ending 1/13, mortgage application submissions saw a huge 27.9% surge. Refinance application submissions soared 32% week-over-week while purchase application submissions jumped 25% week-over-week.
- Retail sales slipped 1.1% month-over-month in December. They were expected to decline 0.8%. Weaker economic data like the above typically leads to lower rates, all other things being equal.
- The NAHB housing market sentiment index had a much-need increase in January – likely due to the recent swing of positive rate news.
- Continuing jobless claims increased by 17,000 during the week ending 1/7, rising to a level of 1.647 million. Initial jobless claims fell by 15,000 the following week.
- Building permits had a much smaller fall in December, decreasing by 1.6% vs. 10.6% the month before. Housing starts fell 1.4% but exceeded expectations.
- Existing home sales slipped 1.5% in December to a level of 4.02 million – better than what experts had predicted.
Review of Last Week
CASHING IN THE GAINS... After the strong start to the year, some traders decided to take money off the table, sending the Dow and S&P 500 down, though the tech-heavy Nasdaq stayed positive.
There were also a few concerns about economic growth and rate hikes. These were spiked by weak December retail sales and manufacturing data, plus the Fed's Beige Book forecasting little growth going forward.
But welcome news came as December's Producer Price Index (PPI) reported a slowdown in wholesale price inflation. We also saw initial weekly jobless claims drop to their lowest level since late September.
The week ended with the Dow down 2.7%, to 33,375; the S&P 500 down 0.7%, to 3,973; and the Nasdaq UP 0.6%, to 11,140.
Bond prices overall barely moved up for the week, though the UMBS 5.5% slipped .04, to $101.11. The national average 30-year fixed mortgage rate headed down again 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’s Chief Economist noted, “Rates are at their lowest level since September of last year, boosting both homebuyer demand and homebuilder sentiment,” adding “declining rates are providing a much-needed boost to the housing market.”
NEW AND PENDING HOME SALES, GDP, INFLATION… Both New Home Sales and the Pending Home Sales index of signed contracts on existing homes should dip in December, though not by much. The GDP-Advanced read for Q4 is forecast to show a slightly lower growth rate for the U.S. economy. Friday, all eyes will be on PCE Prices, the Fed's favorite measure of inflation. The prediction is for the inflation rate to slow.
Existing Home Sales slipped in December, blamed on falling affordability. But the National Association of Realtors noted, “expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.”
Housing Starts dipped a tick overall too, yet it was all due to multi-families—single-family starts rose for the first time in four months, scoring the biggest monthly percentage gain in more than a year.
Permits fell a bit, but builders have their hands full, with homes under construction at the highest level going back to 1970. And with the recent drop in mortgage rates, homebuilder sentiment rose for the first time in 13 months.
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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