Early voting begins for the 2026 midterm elections

Plus: Builder confidence sinks to lowest level since 2012

October 20, 2026

☀️ Good morning! Welcome to your 2.5-minute briefing on the latest developments shaping the real estate industry. Let’s dive in!

1. Early voting begins for the 2026 midterm elections

Early voting for Texas’ Nov. 3 midterm elections began Oct. 19 and runs through Oct. 30. Voters can cast ballots in person without giving a reason, with races covering the U.S. Senate, governor, attorney general, Congress and state offices. The voter registration deadline was Oct. 5.

Early voting hours vary by county and polling location. Main polling sites must offer at least nine hours each weekday from Oct. 19-23, 12 consecutive hours on Saturday, Oct. 24, six hours on Sunday, Oct. 25, and 12 consecutive hours each weekday from Oct. 26-30. Voters should check their county election office for exact schedules and locations.

Registered voters can vote at any designated early voting site in their county. They generally must bring an accepted photo ID, such as a Texas driver’s license, passport or military ID. Voters who cannot reasonably obtain an accepted photo ID may use approved supporting documents and complete a declaration at the polls. Election Day voting runs on Nov. 3.

2. Builder confidence sinks to lowest level since 2012

Builder confidence for newly built single-family homes fell three points to 29 in October, its lowest level since June 2012, according to the NAHB/Wells Fargo Housing Market Index. Economists had expected a reading of 31.

High mortgage rates, rising gas prices and inflation are keeping buyers on the sidelines. Prospective buyer traffic fell five points to 18, its lowest level since April 2012, excluding the early months of the pandemic. Expectations for future sales dropped five points to 32, while current sales conditions fell two points to 33.

Builders are offering more discounts and incentives to attract buyers. In October, 43% cut home prices, the highest share recorded from 2020 through 2026. The average price cut remained at 6% for the seventh consecutive month. Meanwhile, 65% of builders offered sales incentives, marking the 19th straight month that at least 60% have done so.

"Mortgage rates have climbed well above 7% in recent weeks, and higher gas prices and inflation have further weakened buyer traffic across much of the country," says NAHB Chairman Bill Owens.

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3. Catch up quick

🚨 Senators urge FTC to probe real estate lead-generation practices. (Inman)

🏡 $21.9 Million River Oaks megamansion hits Texas market for the first time. (Realtor.com)

🙌 NeighborWorks America says first-time buyers make up 94% of its business. (NeighborWorks)

🏘️ Distressed property sales jump 26%, led by multifamily deals. (Bisnow)

4. Asking prices fall for the first time since March

In the four weeks ending Oct. 11, the median asking price fell 0.3% year over year to $396,881, its first annual decline since March, according to Redfin. The median sale price rose just 0.5% to $391,116, its slowest annual growth since March.

Other key takeaways:

  • A record 22% reduced their asking price, up from 20.9% a year earlier.

  • The typical payment reached $2,777 at a 7.4% mortgage rate, up 8.8% from a year ago.

  • They fell 12.7% year over year but rose 1.5% from the previous week. Sales declined across all 50 major metro areas.

  • Active listings rose 2% to about 1.5 million, while new listings fell 1.3% year over year.

  • Months of supply increased to 4.2 from 3.8, entering the 4-to-5-month range generally considered a balanced market.

5. eXp settles sex trafficking lawsuit on eve of trial

eXp Realty, AGNT and former CEO Glenn Sanford settled the Roberts lawsuit less than 24 hours before trial was scheduled to begin. The settlement notice was filed Sunday, removing the three defendants from the immediate trial proceedings. The terms remain confidential.

Filed in 2023, the lawsuit alleges that former eXp agents Michael Bjorkman and David Golden drugged and sexually assaulted Roberts at a recruiting event in February 2020. Both men are no longer affiliated with eXp. The claims against them remain pending, along with proceedings involving other defendants.

eXp denied the allegations and said the settlement was not an admission of wrongdoing. The agreement allows the brokerage and Sanford to avoid the immediate trial, but the remaining claims mean the broader legal dispute is not over.

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