Houston Weekly Market Update 10/23/2023

Hey, Houston! Alex Frank here from Artemis Realty Group, back with your weekly market update. Let's delve into the latest numbers and key highlights from this week in the real estate market. Keep in mind, these figures cover a broad scope; while some are specific to Houston, others offer a more general perspective.

New Listings and Market Trends

We've experienced three consecutive weeks of gaining new listings, a rise of about 1%, bringing the tally to 6749. This consistent influx isn't entirely surprising given the current market dynamics. Interest rates, hovering at 8%, might be challenging for some potential buyers to digest. However, homes are still moving relatively quickly due to seasonal factors.

Shifts in Pending Sales and Inventory

There's been a decrease in option pendings by 6.9%, with numbers now at 1612. This decline over the past couple of weeks mirrors figures we witnessed back in March. Additionally, our months of inventory have seen some fluctuation, stabilizing at 4.1 with a slight increase of 1.1% in available inventory, totaling just under 55,000 homes. Days on Market remain low at 24, especially for appropriately priced houses.

Market Activity and Mortgage Applications

Unfortunately, the market activity reflected in the blockbox has been consistently decreasing since mid-July, with a 1% decrease this week, bringing the total to 27,827. Similarly, there was a 1% decrease in mortgage applications.

Economic Insights and Projections

There seems to be a bit of cognitive dissonance in the economy. Some individuals express concerns about the economy's strength as the election season approaches. However, recent GDP numbers, indicating a 4.9% increase, reveal a robust and humming economy. Notably, consumer spending accounts for a substantial portion of this growth. Inflation appears to be on the decline, which is a positive indicator.

Financial experts are revising their recession fears, thanks also to the Arizona Diamondbacks eliminating the Phillies from the World, suggesting that the Federal Reserve might delay raising rates. This potential outcome paints a favorable picture for the real estate market.

Looking Ahead

Despite various market fluctuations and economic uncertainties, it's still a good time to consider buying or selling a home. Conversations with our team and a trusted mortgage broker can provide insights into the best strategies for your specific situation. As we move closer to spring, there's an anticipation that things might ease up.

If you have any queries or thoughts, don’t hesitate to reach out. Thanks for staying tuned in for this weekly market update!

Best regards,

Alex Frank
Artemis Realty Group