Memorial Northwest Real Estate Market Update June 03, 2024

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/2024/06/03/memorial-northwest-real-estate-market-update-june-03-2024/

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

We currently have 11 homes pending, with 3 homes sold in the last two weeks, averaging a sale price of $118 a square foot. Three homes sold over the asking price.

Compared to the two weeks prior: Homes sold are up from 1 home sold to 3 homes sold and the average sales price is also up to $648,333 ($314,900 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 request your free home evaluation here 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 Memorial Northwest.

What is happening in the real estate market nationally?

Mortgage rates trended higher last week. Home price appreciation increased in March. Mortgage application submissions slid while jobless claims rose. GDP underperformed in Q1. Pending home sales slipped, the core PCE index and consumer spending were cooler than expected, and personal income inched up.

MORTGAGE RATES CURRENTLY TRENDING	THIS WEEK'S POTENTIAL VOLATILITY

Notable News

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Market Recap

• The FHFA house price index barely inched up in March, rising 0.1% moth-over-month and 6.7% annually. It was expected to rise 0.5% month-over-month.

• The 20-city Case-Shiller home price index rose 0.3% month-over-month in March and
  7.4% annually.

• Mortgage application submissions slipped by 5.7% during the week ending 5/24. The Refinance Index decreased 12% while the seasonally adjusted Purchase Index decreased 1%.

• Continuing jobless claims were at 1,791,000 during the week ending 5/18, an increase of 4,000 from the week before. Initial jobless claims were at 219,000 during the week ending 5/25, an increase of 3,000.

• GDP underperformed in Q1 of 2024 at just 1.3%. It was expected to be at 1.6%.

• Pending home sales slipped 7.7% in April. They were expected to fall by 1.1%.

• The core PCE index rose just 0.2% in April – lower than the expected increased of 0.3%. Annual core inflation was on point at 2.8%. Personal income was as expected at 0.3%.

• Consumer spending inched up 0.2%, which was cooler than the expected increase of 0.3% month-over-month.

Review of Last Week

WEEK DOWN, MONTH UP... Though posting losses for the holiday-shortened week, all three major stock indexes finished the month with solid gains, notching the sixth positive month in the last seven.  

April data on PCE Prices, the Fed's favorite inflation gauge, was disappointing. Year-over-year inflation didn't worsen, but didn't improve either. The latest GDP read showed the economy grew at a weak 1.3% in Q1.

But private-sector wages are up 4.2% the past year, while government pay is up 8.6%, matching the biggest 12-month increase in more than three decades. Plus, low initial jobless claims keep showing a generally solid labor market. 

The week ended with the Dow down 1.0%, to 38,686; the S&P 500 down 0.5%, to 5,278; and the Nasdaq down 1.1%, to 16,735.

Bonds came in flat overall, though the 30-Year UMBS 6.0% fell 0.71, to $99.32. After three weeks of declines, the national average 30-year fixed mortgage rate moved up a smidge 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… There are now more homes on the market that have had to reduce their prices than in any recent May—6.4% of listings. Experts don’t expect prices to fall, but feel price growth has slowed. 

Market Forecast

CONSTRUCTION SPENDING, MANUFACTURING, SERVICES, JOBS... Up for April is the forecast for overall Construction Spending, and we'll check out the residential part. The ISM Manufacturing Index should show that sector still contracting in May, but ISM Non-Manufacturing is expected to report the dominant services sector barely back in expansion territory. The May read for new Nonfarm Payrolls is predicted below 200,000, with the Unemployment Rate still 3.9%, both figures still too healthy for the Fed to start rate cuts.

Summary

More homes are on the market now than any time since August 2020, and every state has more homes listed than a year ago. The total number is expected to exceed 2020 levels, peaking this summer at about 700,000.

Home prices rose modestly in March. The National S&P CoreLogic Case-Shiller index was up 0.3%, up 6.5% annually. The FHFA index of homes financed with conforming mortgages ticked up 0.1%, up 6.7% from a year ago.

The National Association of Realtors says the Fed’s “anticipated Fed rate cut later this year could lead to better conditions,” but for April, their Pending Home Sales index of signed contracts on existing homes fell below March’s level.

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 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.

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. Don't 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.

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