Houston Weekly Market Update 9/25/2023

Hey, Houston! This is Alex Frank from Artemis Realty Group, and I'm back with your weekly market update. Whether you're a seasoned viewer or new to the scene, these numbers are all about the health of the Houston real estate market as a whole. We cover the entire Houston area because we believe that a broader perspective gives us a better picture of the market's overall health.

Let's dive right into the latest data:

New Listings: Last week, we saw a 3.6% decrease in new listings across the Houston area. While this might seem like a dip, it's important to remember that real estate markets ebb and flow.

Back on the Market: Interestingly, the number of properties returning to the market after previously being off the market increased by 8.1%. It's a notable shift that indicates some properties are getting a second chance.

Option Pendings: The most surprising figure this week is the 24.8% drop in option pendings. Such a significant decline is unusual unless there's a specific event, like the freeze week, that affects buyer activity. We're eager to see how this number evolves in the coming weeks.

Months of Inventory: Despite the dip in option pendings, we're still sitting at a seller's market with 3.9 months of inventory. A balanced market typically hovers around 5.5 months, so we're still far from that.

Number of Actives: Currently, there are 52,754 active listings, reflecting a 0.9% increase. It's worth noting that this number fluctuates, but it's essential to keep an eye on it.

Average Price: Week over week, we've seen a 0.6% drop in average prices. This drop occurred twice in the past four weeks, which adds an interesting layer to the market's dynamics.

Lock Box Activity: Lock box activity decreased by 4.1%, suggesting some slowdown in property showings.

Mortgage Applications: Mortgage applications decreased by 1.3% following a rate hike last week. The Federal Reserve is closely monitoring these fluctuations.

Speaking of the Federal Reserve, there's a lot of chatter about potential rate hikes. While our partners at Goldman Sachs believe there might be a rate hike in December, opinions on this matter vary. Inflation remains a concern, but American consumers have shown remarkable resilience.

One factor contributing to market volatility is the ongoing Auto Workers union strike, which could lead to a shutdown if not resolved soon. This may have affected buyer activity, but we believe that as inventory increases, buyers will return to the market.

For those who are waiting for the perfect moment to buy, it's crucial to consider the current circumstances. Prices may not revert to those of 2021, and even in a recession, lowered interest rates tend to drive prices up.

Remember, opportunity favors those who are prepared to seize it. If you've been waiting on the sidelines, it might be time to take action. If you have any questions about the financial market or the Houston real estate market, don't hesitate to reach out to us.

Houston's real estate market remains robust, and despite some fluctuations, it continues to offer opportunities for buyers and sellers alike. Contact us at the number and email provided below, and let's discuss how you can make the most of this dynamic market.

Stay tuned for more updates on the Houston real estate scene, and remember, now is your time to act!