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 77065 Zip Code. Whether you are looking to buy, sell, or just keep an eye on the market, we look forward to being your resource.
See this blog post in its original form at: https://byjoandco.com/2022/08/01/77065-real-estate-market-update-august-01-2022/
We currently have 3 homes pending, with only 1 home sold in the last two weeks, averaging a sale price of 210 a square foot. One home sold over the asking price. Compared to the two weeks prior: The number of homes sold is still the same, but the average sales price is up 515,000 (410,500 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.
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 77065.
Mortgage rates saw a sharp downward trend last week after the Federal Reserve’s rate hike and the GDP’s negative data. Home price appreciation slowed. New home sales fell. Mortgage application submissions saw a composite decrease. Pending home sales declined. Both continuing and initial jobless claims went down. Inflation increased, as did personal income and consumer spending.
MORTGAGE RATES CURRENTLY TRENDING | THIS WEEKS POTENTIAL VOLATILITY |
Notable News
Market Recap
WEAK ECONOMY, STRONG MARKET... Investors digested disappointing economic news and a 0.75% Fed rate hike, yet they sent the three major stock indexes to big gains for the week and huge gains for the month.
They felt the bad news of a softer economy would bring the good news of slower Fed rate hikes. The bad news included a negative GDP read for the second straight quarter, the technical definition of a recession.
Investors shrugged off the highest PCE inflation reading since 1982, which could get the Fed hiking aggressively, and instead reveled in decent Q2 corporate earnings, with 76% of companies reporting beating forecasts.
The week ended with the Dow UP 3.0%, to 32,845; the S&P 500 UP 4.3%, to 4,130; and the Nasdaq UP 4.7%, to 12,391.
Bond prices gained overall, the 30-year UMBS 4.5% edging up to 101.25. After climbing for two weeks, the national average 30-year fixed mortgage rate fell in Freddie Macs 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… Realtor.com reports active inventory keeps growing, rising 29% above one year ago.” Plus, “homes sold in June spent a record low time on market” and “data continues to suggest that homes priced well are selling.”
CONSTRUCTION SPENDING UP, MANUFACTURING AND SERVICES DOWN, MORE JOBS... June Construction Spending is expected to be up overall, but well check the residential part. Both ISM Manufacturing and ISM Non-Manufacturing Indexes are forecast down for July, though still indicating expansion. Analysts predict a 250,000 bump in Nonfarm Payrolls for July and Hourly Earnings increasing, yet not as much as inflation.
New Home Sales dove 8.1% in June, and are now down 17.4% from a year ago. This was blamed on declining affordability. Median prices are up 7.4% from a year ago. though theyve fallen two months straight.
Pending Home Sales slipped 8.6% in June. The NAR’s chief economist blamed it on climbing mortgage rates, but added, “There are indications that mortgage rates may be topping or very close to a cyclical high in July.”
Home price growth is also slowing. The Case-Shiller index reported annual price gains decelerated in May, and the FHFA index of prices for homes financed with conforming mortgages dipped from its February peak.
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: jordan@byjoandco.com & edward@byjoandco.com 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 yall 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.
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. Dont forget to check out our YouTube Channel!
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: https://byjoandco.com/call or just send us an email: jordan@byjoandco.com. 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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