Memorial Northwest Real Estate Market Update August 15, 2022

Hi neighbor,

Today I will be sharing with you our perspective on the local real estate market here in Spring, Texas, specifically a market update for the neighborhood of Memorial Northwest. 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/2022/08/15/memorial-northwest-real-estate-market-update-august-15-2022/

What is happening in the real estate market in Memorial Northwest?

We currently have 15 homes pending, with 7 homes sold in the last two weeks, averaging a sale price of 122 a square foot. Seven homes sold over asking price, with one home selling 9% above the listing price.
Compared to the two weeks prior: Number of Homes sold are still the same and the average sales price is also up: 537,429 (465,857 previously). But 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 isnt affecting the neighborhoods with such high demand, like Memorial Northwest, 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 isnt your ideal buyer anyways! And the educated buyer still knows, they need to buy ASAP. P.S. The median days on market is 8 days, with most homes selling during the first 6-7 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 Memorial Northwest.

What is happening in the real estate market nationally?

Mortgage rates trended downward last week after encouraging inflation data. Mortgage application submissions saw a composite increase. The consumer price index showed annual inflation is cooling. Both continuing and initial jobless claims increased.

MORTGAGE RATES CURRENTLY TRENDING	THIS WEEKS POTENTIAL VOLATILITY

Notable News

• CMG Financial launches CMG Home Loans.Read Now >>
• Refinances are on the rise again.Watch Now >>
• More Americans are turning to HELOCs for extra cash.Read Now >>

Market Recap

• Mortgage application submissions increased a composite 0.2% during the week ending 8/5. Refinance application submissions increased 4% while purchase application submissions decreased 1%.
• The consumer price index finally showed cooling inflation in July rising 0% month-over-month. Annual inflation fell to 8.5% from 9.1% in June. Core inflation stripping food and energy increased slightly month-over-month, up 0.3%. Annual core inflation, however, was unchanged at 5.9%.
• Continuing jobless claims increased slightly to 1.43 M during the week ending 7/29. Initial jobless claimed increased as well during the week ending 8/6, up from 248,000 to reach 262,000.

Review of Last Week

INFLATION DOWN, STOCKS UP...The annual rates of both consumer and wholesale price inflation dropped in July.Hoping inflation has turned the corner, investors sent stocks north, big time.

Unfortunately,the Consumer Price Index, at 8.5% year-over-year, and the Producer Price Index, at 9.8%, are still elevated compared to almost any time in history,and miles above the Feds 2% inflation target.

But Wall Streeters felt the Fed will now go easier on rate hikes, and were buoyed byUniversity of Michigan Consumer Sentiment at a better-than-expected 55.1,thoughstill historically low and well under its 70.3 read a year ago.

The week ended with the Dow UP 2.9%, to 33,761; the S&P 500 UP 3.3%, to 4,280; and the Nasdaq UP 3.1%, to 13,047.

Bonds overall moved higher, the 30-year UMBS 4.5% UP 0.74, to 101.02.After falling for the three straight weeks, the national average 30-year fixed mortgage rate made a small jump up 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 KNOWA national online listing site reports thatstale listingshomes listed longer than a monthgrew to 61.2% in July, up 12.5% from a year ago, the first annual gain since the start of the pandemic.

Market Forecast

HOME BUILDING, EXISTING HOME SALES SLIP, RETAIL SALES SLOW, FED MINUTES...Analysts expectHousing StartsandBuilding Permitswill slide for July andExisting Home Saleswill drop below 5 million units a year. JulyRetail Salesare forecast up just a tick, scaling back from their growth in June. Well scrutinizeFOMC Minutesfrom the Feds July meet to gauge their view of future rate hikes and the economy.

Summary

Realtor.comreportsactive inventory continues to grow, up 30% from a year ago.This jump in supply gives todays shoppersan extra home to consider for every three that were on the market this time last year.

Freddie Mac tells us: Declines in purchase demand continue to diminish while supply remains fairly tight.The consequence is thathouse prices likely will continue to rise, but at a slower pace for the rest of the summer.

Home price growth may be slowing, yet theNational Association of Realtorsreports148 of 185 metros still saw double-digit annual price growth in the second quarterthats 80% of the markets,up from 70% in the first quarter.

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: jordan@byjoandco.com & edward@byjoandco.com or telephone: 832-493-6685.

Read more:

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.

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. Dont 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:https://byjoandco.com/callor 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.

What next?!

Navigate our Blog: https://byjoandco.com/categories-to-help-you-navigate-the-blog/
Download our Moving to Texas ebook! https://byjoandco.com/movingtotexasebook.
Download our Where to Live in Houston Texas ebook!https://byjoandco.com/wheretoliveebook.
Browse our Ebooks and Relocation Guides: https://byjoandco.com/ebooks
Schedule a phone call or appointment with us!https://byjoandco.com/appointment.
Email us!Jordan@byjoandco.com.
Looking for a buyers agent? Fill out our buyer questionnaire!https://byjoandco.com/q.
Ready to find your dream home? Search,https://search.byjoandco.com.
Subscribe to our YouTube Channel:https://byjoandco.com/youtube.