Houston Weekly Market Update

Hey everybody, it's Alex Frank again with our Artemis Realty Group weekly market update. So, let's dive right into the latest real estate trends and statistics for this week.

New Listings: We've got some positive numbers to start with. New listings are up by 6800, which represents a 7.4 percent increase. It's good to see some growth in the inventory.

Back on Markets: The number of properties coming back on the market has remained steady, primarily in the seven and six percent range.

Price Decreases: Interestingly, price decreases have gone up significantly by 13 percent. This is something worth watching closely as it might indicate shifts in market dynamics.

Pending Sales: Pending sales have increased by 1.7 percent, bringing us close to the 1850 mark.

Inventory Levels: As for inventory, we're currently at 3.9 months. We've recently moved up from 3.8 months, and it's worth noting that six months is generally considered a balanced inventory market. So, as we approach that mark, we might see more balance in the market.

Days on Market: Median days on the market have gone up from 21 to 22 days, showing a slight increase.

Active Listings: The number of active listings is almost at 52,300, which is up by 1.6 percent. This means we've had two consecutive weeks of increasing inventory.

Lockbox Activity: Lockbox activity has declined to 32,984, one of the lowest figures we've seen all year. This trend has continued for about nine weeks, so it's something to keep an eye on.

Mortgage Applications: Mortgage applications have been on a downward trend for a while but saw a sudden jump of 5.4 percent this week. This surge in demand has prompted discussions with our CFO, suggesting pent-up demand in the market.

Federal Reserve Update: We were closely watching the recent Federal Reserve meeting. While the Fed didn't raise rates, they left the door open for a potential increase in the next meeting. They also indicated that we might be in a higher rate environment for a more extended period. Our partners at Goldman anticipate this could last until mid-2024.

Market Outlook: Despite talks of a soft landing and low recession fears, we don't foresee a recession on the horizon. However, the market is evolving, and it's crucial to stay informed.

If you're a buyer, seller, or considering entering the market in the next few months, these trends can significantly impact your decisions. Reach out to us for personalized guidance on the best timing and strategies for your real estate goals. Contact me at the email provided on the next slide.

Thanks for tuning in to this week's update, and we'll talk to you all soon. Bye!