Apartment asking rents post biggest increase in 2.5 years

Plus: Summer sales hit slowest pace in 10 years

August 19, 2025

😊 Happy Tuesday! Today's newsletter is 653 words, a 2-minute read.

1. Summer sales hit slowest pace in 10 years

Summer home sales have slowed to their weakest pace in a decade, according to a new Redfin report. Homes that went under contract in July spent a median of 43 days on the market, up from 35 days a year earlier and the longest stretch for any July since 2015.

Pending home sales dropped 1.1% from June, reaching the lowest seasonally adjusted level since November 2023. Existing-home sales also slipped, falling to an annualised rate of 4.15 million—the lowest in nearly a year.

Meanwhile, active listings in July stayed near a five-year high but dipped 1.1% from the prior month, the sharpest decline in almost two years. New listings edged down 0.4%, marking the lowest level since March 2024.

Source: Redfin analysis of MLS data

2. Apartment asking rents post biggest increase in 2.5 years

According to a new report from Redfin, the median U.S. asking rent rose 1.7% ($30) year over year to $1,790 in July—the largest increase since January 2023.

July marked the second straight year-over-year increase (following June’s 0.4% rise) after more than two years of flat or declining rents. On a month-over-month basis, asking rents climbed 0.8% in July.

Even with the recent uptick, the median asking rent remains $70 below the July 2022 record high of $1,860.

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3. Catch up quick

🎟️ Texas couple raffles off 76-acre Hill Country land for $6.40. (MySA)

🚀 Rocket taps mega-influencers in efforts to reach homebuyers. (NMP)

🔑 30% of Gen Z have considered squatting or living in their car. (Clever)

📈 Investor sentiment bounces back from a two-year slump. (RCNCapital)

🤝 NAR offers $99 home security package for Realtors. (NAR)

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4. Opendoor stock jumps 4% after CEO steps down

Opendoor Technologies’ stock surged as much as 16% before trimming gains on Friday after the company announced that CEO Carrie Wheeler will step down, effective immediately.

Shares closed 4% higher after chief technology and product officer Shrisha Radhakrishna was named president and interim leader. The company said it is searching for a new CEO.

Since going public in 2020, Opendoor has never reported a profitable quarter. In May, the company received a warning from Nasdaq after trading under $1 for more than 30 days, raising the risk of delisting.

5. Texas dominates nation's hottest ZIP codes

Texas is home to six of the 10 ZIP codes with the most new residents this year, according to a recent analysis from MovingPlace. The state led the company's ranking of the 100 hottest ZIP codes nationwide, claiming 29 spots on the list.

  • At No. 1, Cypress (77433) welcomed 3,638 new residents during the first five months of the year.

  • New Braunfels (78130) ranked No. 2, adding 3,486 residents.

  • Leander (78641) came in at No. 4 with 3,349 movers, and Katy (77493) followed at No. 5 with 3,215 new residents.

The study, based on proprietary data from 6.3 million moves between January 1 and May 31, found that most movers are heading to suburbs over city centers, drawn by more affordable housing and high-quality schools.

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