World’s first AI real estate agent

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World’s first AI real estate agent has already made $100M in sales link

• Israeli startup eSelf AI created interactive AI agents that answer questions and guide buyers through listings 24/7. Portugal-based brokerage Porta da Frente Christie’s reported $100 million in sales from AI-generated leads.

• The AI agent can filter listings, conduct virtual tours, and provide detailed property descriptions. It helped Porta da Frente Christie’s serve international clients from the U.S. and Brazil despite time zone differences.

• CEO João Cília said AI could replace many human agents in the future, cutting operational costs and improving service consistency. The AI agent handles over 5,000 properties and delivers faster, more accurate responses than human agents.

New Apartments Sitting Longer as Supply Grows link

• Less than half of new apartments completed in Q3 2024 were rented within three months, tying with Q4 2023 for the lowest rate since the pandemic. Builders completed 142,900 new units in Q3, the highest on record.

• Median rent is now $1,607, up just 0.4% year-over-year, and $100 below its record high. Vacancy rates for buildings with five or more units stood at 8.2%, the highest since early 2021.

• Studio apartments are renting faster, with 50% absorbed within three months, up 42% from last year. One-bedroom absorption dropped to 49% from 54%, and two-bedroom absorption fell to 50% from 51%.

Housing supply gap reaches nearly 4 million in 2024 link

• The housing supply gap in the U.S. totaled 3.8 million homes in 2024, despite the highest home completions in nearly 20 years. New construction outpaced household formations by almost 400,000 homes.

• The South had the largest supply gap at 1.15 million homes but is on track to close it in 3 years if current trends continue. The Midwest would take 41 years, and the Northeast’s gap is growing.

• Homeowner vacancy rates improved slightly to 1.1% in Q4 2024 but remain historically low. Rental vacancy rates were better at 6.9%, thanks to increased multifamily construction.

Walmart made one sleepy town the ‘Austin of the Ozarks’ link

• Bentonville’s median list price hit $447,313 in February, up 49% from five years ago. On a square-foot basis, prices have jumped 68% since February 2020.

• Walmart has over 15,000 corporate employees in Bentonville, attracting more than 1,300 suppliers and fueling job growth. The influx of new residents from California, New York, and Texas is driving demand.

• High-end homes in Bentonville and Bella Vista are being bought by newcomers, not locals. Bella Vista’s "trail-front" homes near Walton-developed bike trails are highly sought after.

Orlando’s Kissimmee/Osceola County Logs One of Nation’s Largest Apartment Supply Increases link

• Orlando added 14,012 new apartments in 2024, ranking among the top markets for new supply. Kissimmee/Osceola County alone delivered 3,480 units, driving 10% inventory growth.

• Kissimmee/Osceola County's annual deliveries doubled from the past decade’s average of 1,500 units. Demand kept pace, with 3,350 units absorbed in 2024, nearly matching new supply.

• Ocoee/Winter Garden/Clermont and South Orange County also saw major growth, adding 2,947 and 2,216 units, respectively. Ocoee/Winter Garden/Clermont’s inventory grew by 16.4%, ranking 24th nationwide.

• FlockSafety, a surveillance tech platform, raised a $275M round led by a16z.

• Zeitview, an aerial data analytics platform, raised a $60M round led by Climate.

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