Home prices fall for the first time in 3 years

☕ Welcome to Thursday. The week is winding down.

Today’s newsletter is 746 words — a 2.5-minute read. Let’s dive in!

1. Home prices fall for the first time in 3 years

The median home-sale price fell 0.4% year over year to $388,634 in October, marking the first annual decline since May 2023, according to a Redfin report. Austin recorded the steepest decline, with prices falling 6.5%.

Pending home sales fell 3.6% month over month to 300,430, their lowest level since 2013, excluding the pandemic-related shutdown in April 2020. Closed sales also fell 2.1% to 274,987, their lowest level since December 2023.

Housing inventory rose 0.9% from September to nearly 1.53 million homes, its highest level since early 2020. Meanwhile, 61% of homes sold below their original asking price, while 36% had at least one price reduction. New listings fell 1% month over month.

2. Compass formalizes broker cooperation rules

Compass has formalized a policy requiring its agents to share listing information with outside brokers and agents, including for Private Exclusive and Coming Soon properties, unless clients direct otherwise in writing.

Agents must share listing details, respond to inquiries, arrange showings for qualified buyers, and present sellers with all written offers. The policy formalizes a practice CEO Robert Reffkin has long said the brokerage follows.

Compass has also directed agents nationwide to follow Bright MLS's cooperation standards, which call for impartial information-sharing and showing access regardless of a competing broker's financial arrangements or whether a listing appears in the MLS. However, this broader guidance is framed as a recommendation.

The policy does not change the conditions Compass introduced in July 2025 for sharing private listings with competing brokerages and MLSs.

A MESSAGE FROM SUPERHUMAN AI

1,000+ Claude Prompts Top Professionals Actually Use at Work

Claude can be your analyst, editor, and strategist.

But most professionals are using it to fix grammar.

These 1,000+ Claude prompts take it from grammar tool to your most powerful AI work assistant.

Sign up for Superhuman AI and get:

• 1,000+ ready-to-use Claude prompts to get real work done in minutes — researched, tested, and used by professionals at Google, Microsoft, and NASA

• Superhuman AI newsletter (4 min daily) so you keep learning new AI tools and skills to stay ahead in your career — the prompts are just the beginning

Claim your free prompts

3. Catch up quick

🎖️ VA loans could help veterans become homeowners 4 years sooner. (Realtor.com)

🏠 San Antonio, McAllen rank among the most affordable cities for homeowners. (Realtor.com)

🚨 Newly pending home listings fell 17%, marking the steepest YoY decline since 2023. (Zillow)

💸 Texas homeowner wins $200,000 after six-year HOA battle over backyard office. (Realestate.com)

4. Condo sellers now outnumber buyers by 123%

Condo buyers have their strongest negotiating position in at least 13 years, with 123% more sellers than buyers nationwide in September, according to a Redfin report. The number of buyers fell 54% over five years to a record low of 88,460, while sellers increased 36% to 197,248.

San Antonio had the nation's largest seller surplus, with 459% more sellers than buyers, followed by Houston (322%). Austin ranked fourth (258%), while Dallas ranked eighth (223%).

Nationally, the median condo sale price fell 0.8% year over year to about $339,000 in September, marking its first decline in five months.

About 37% of condos sold had at least one price reduction, up from 16% during the pandemic-era housing boom. Meanwhile, the typical condo took 63 days to go under contract, compared with 35 days five years earlier.

A MESSAGE FROM TEXAS REAL ESTATE NEWS

WHO NEEDS A BEACH VACATION WHEN YOU OWN THE BEACH? 🏖️

Your Own Private Lake & Sandy Beach in Needville, TX!
This isn't your typical country property! Situated on 7.18 acres, this beautiful 3,062 sq. ft. home features 4–5 bedrooms, 3.5 baths, an updated chef's kitchen, soaring ceilings, and a stone fireplace. But the real showstopper is the private 2-acre recreational lake with a sandy beach and floating dock, perfect for swimming, kayaking, paddleboarding, and fishing! You'll also enjoy an outdoor kitchen, covered patio, 3-car garage, workshop, RV hookup, gated entrance, and a newer roof.

Listed by Vicki Miller | RE/MAX Opportunities
Email: [email protected]
Check it out here!

5. The economy added 165,000 jobs in October

The economy added 165,000 jobs in October, nearly triple the 59,000 expected by forecasters, according to a Bureau of Labor Statistics report. The unemployment rate edged down to 4.1%, while September's job gains were revised up to 60,000.

• Wage growth slowed, with annual earnings rising 3.1%, below September's 3.7% inflation rate.

• Residential construction lost 16,400 jobs, its largest monthly decline since March 2021, while nonresidential construction added 13,300 jobs.

The stronger-than-expected report could strengthen the case for a December Fed rate hike, although lower borrowing costs remain a key factor for a housing market struggling with affordability and sluggish activity.

☀️ Thank you for starting your day with us!

If you like this newsletter, your friends may too. Forward it to a friend, and let them know they can subscribe here.

Interested in advertising to 35k+ Texas Realtors? Email [email protected]