Oak Forest Real Estate Market Update | June 27, 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 39 homes pending, with 13 homes sold in the last two weeks, averaging a sale price of $315 a square foot. Thirteen homes sold over asking price, with one home selling 7.4% above the listing price.
Compared to the two weeks prior: The number of homes sold is still the same, but and the average sales price is also up: $727,215 ($552,823 previously). 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 more than 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 6 days, with most homes selling during the first 4-5 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 trended sharply lower last week. Existing home sales decreased in May. Mortgage application submissions saw a composite increase. Continuing jobless claims rose slightly while initial jobless claims fell. New home sales soared in May.
|MORTGAGE RATES CURRENTLY TRENDING||THIS WEEK'S POTENTIAL VOLATILITY|
- Adjustable-rate mortgage (ARM) demand is surging. Watch Now >>
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- There’s strength in the housing market despite rising mortgage rates. Watch Now >>
- Existing home sales slipped 3.4% month-over-month in May down to a seasonally adjusted annual rate of 5.41 million. As predicted, the slowed pace of sales is bolstering existing home inventory – which increased 12.6% month-over-month.
- Mortgage application submissions increased 4.2% during the week ending 6/17. The Refinance Index decreased 3% while the seasonally adjusted Purchase Index increased 8%.
- Continuing jobless claims increased slightly during the week ending 6/11, climbing to a level of 1.32 million. Initial jobless claims decreased slightly during the week ending 6/18, falling to a level of 229,000.
- New home sales soared 10.7% month-over-month in May to a seasonally adjusted annual rate of 696,000. In more good news for buyers, the median new home sales price dropped in May as well.
Review of Last Week
SHORT WEEK, TALL REBOUND... There were just four days of trading, but that's all the time investors needed to power the three major stock indexes to big weekly gains, snapping a three-week losing streak.
As usual, there were negatives, led by the University of Michigan Consumer Sentiment Index sinking from 85.5 a year ago to 50.0, its lowest read ever, and continuing jobless claims inching up for the week.
But New Home Sales posted that strong upside surprise, and Wall Street felt the recent signs of slowing economic growth would lead to less aggressive Fed rate hikes, giving us a better chance of avoiding a recession.
The week ended with the Dow UP 5.4%, to 31,501; the S&P 500 UP 6.4%, to 3,912; and the Nasdaq UP 7.5%, to 11,608.
Bonds overall saw modest gains, the 30-year UMBS 4.5% UP 0.20, to $99.29. Freddie Mac's Primary Mortgage Market Survey reported the national average 30-year fixed mortgage rate up just three basis points (0.03%). Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Realtor.com forecasts that a moderating housing market will give buyers more options. The number of homes for sale is growing more than originally projected, driven by more sellers and a slowing sales pace.
PENDING HOME SALES, GDP DOWN; INFLATION, MANUFACTURING UP... The Pending Home Sales index of signed contracts on existing homes is expected down for another month, while the GDP-Third Estimate for Q1 should report the economy contracting. Not so inflation, with PCE Prices predicted up in May. However, the ISM Manufacturing Index is forecast to show that sector still expanding, though at a slower rate.
New Home Sales broke a four-month losing streak in May, rocketing up 10.7%, to a 696,000 annual rate. Sales are still 5.9% below a year ago thanks to low inventory, but high demand has builders ramping up construction activity.
Existing Home Sales remain on a four-month losing streak, down 3.4% in May. This was put to higher prices and mortgage rates and lower inventories, but demand is strong—88% of the homes sold were listed less than a month.
Freddie Mac notes that despite today's rates and prices, “in reality many potential homebuyers are still interested in purchasing a home, keeping the market competitive but leveling off the last two years of red-hot activity.”
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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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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