Cash is king for luxury home buyers

Plus: Inventory doubles in nearly half of the biggest markets

July 03, 2025

🗽 Happy Thursday! We want to go ahead and wish you a Happy Fourth of July.

Today's newsletter is 571 words — a 2.5-minute read.

1. Inventory doubles in nearly half of the biggest markets

According to Realtor.com’s latest report, nearly half of the country’s 50 largest metros are seeing a surge in housing inventory—some up to double pre-pandemic levels. The South and West Coast are leading the charge in this supply boost.

Here are some of the top Texas metros with the biggest inventory gains:

Rank

Metro

Change in active inventory vs. pre-pandemic

2

Austin

+69.0%

4

Dallas-Fort Worth

+55.5%

5

San Antonio

+58.3%

Metros that have built more than the national average of seven housing units per 100 residents over the past six years have experienced stronger inventory recoveries compared to those that have not, the report said.

2. Compass ditches Clear Cooperation Policy

Compass CEO Robert Reffkin didn’t hold back in a June 1 email to MLS and NAR leaders, saying the company 'has never agreed to or with CCP'—and won’t be asking its agents to follow it either.

He also pointed out that Compass has opposed the policy from day one—and even joined other real estate leaders in asking NAR’s Emerging Issues Committee to scrap it during last fall’s meeting.

"Compass does not consider the Clear Cooperation Policy or any national NAR MLS rule impacting clients as binding and, accordingly, has not and will not adhere to CCP or any national NAR MLS rule impacting clients as a matter of course."

Reffkin wrote in the email

3. Catch up quick

🤝 Redfin is now “powered by Rocket,” closes $1.75B merger. (Redfin)

📚 Wealthy families are buying homes in Austin to gain in-state tuition benefits at Texas universities. (KUT)

🚨 FHFA Director Pulte calls on Congress to investigate Fed Chair Powell. (NMN)

⚖️ Mauricio Umansky's ThePLS.com sues NAR over private listings. (NYT)

🪙 Gold, silver become designated legal tender in Texas. (Cointelegraph)

🕵️‍♂️ Fun read: Use this tool to blur your home on Google Maps. (NYPost)

4. Report: Pet-friendly rentals get leased faster

According to a new data report by Zillow, rental housing property managers can sign new tenants faster by being pet-friendly.

Nearly 6 in 10 of today’s renters have a pet, up from 46% before the pandemic, and nearly half said they passed on properties because they would not accommodate their pets.

Among the states, Texas was the most pet-friendly state, with Austin (80%), Dallas (79%) and San Antonio (78%) leading all major metro areas in the share of pet-friendly rental listings on Zillow last year.

5. Cash is king for luxury home buyers

According to a new report from Coldwell Banker via CNBC, economic uncertainty and high interest rates are creating a clear divide between ultra-rich buyers (i.e., those with a net worth $30M+) and “merely wealthy” buyers in the luxury real estate market.

  • More than half of luxury real estate agents say that cash purchases have increased in 2025.

  • Despite overall gains earlier in the year, luxury home sales fell in May, especially attached properties, down 21.1% YoY.

  • All buyers, especially first-timers, are more discerning, demanding high-end features and turnkey readiness due to financial pressures and elevated rates.

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