gistfile1.txt

add_action( "houzez_property_feed_property_imported_resales_online_api", 'hpf_custom_functionality', 10, 4 );
function hpf_custom_functionality( $post_id, $property, $import_id, $instance_id )
{
    if (
        isset($property['PropertyFeatures']['Category'][0]['Value']) && 
        is_array($property['PropertyFeatures']['Category'][0]['Value']) &&
        in_array('New Development', $property['PropertyFeatures']['Category'][0]['Value'])
    ) 
    {
        // Yes it exists. Do something here. Set a postmeta or similar using update_post_meta()
    }
}