Inventory exceeds 1M homes for the first time in 6 years

Plus: Millionaire renters on the rise

June 10, 2025

😎 And, we're back. Today's newsletter is 773 words — a 2.5-minute read. Dive in…

1. Trump to realtors: ‘What you do is very beautiful’

President Donald Trump addressed the NAR midyear conference via a video message, praising agents for advancing homeownership and promoting his “One Big Beautiful Bill.”

Calling Realtors' work “very beautiful,” Trump highlighted efforts to tame inflation and revive housing affordability. He touted the bill, passed by a narrow 215–214 House vote, for preserving key real estate tax breaks, including deductions for mortgage interest, business income, SALT, and 1031 exchanges.

“A very special hello to everyone at the National Association of Realtors. I love people who are in the real estate business. I have a little bit of a proclivity for it. You play a vital role in helping Americans achieve the dream of homeownership, and together we will make the American Dream more attainable than ever before.”

President Donald Trump

2. NAR board approves changes to hate speech code

On Thursday, the NAR Board of Directors voted to ratify changes to Standard of Practice 10-5 and Professional Standards Policy Statement 29, both related to Article 10 of the Code of Ethics, which addresses fair housing and equal opportunity.

The revised language now aligns with the NAR’s Code of Conduct definition of harassment and focuses on situations where Realtors are acting in a professional setting.

Harassment is now defined as unwelcome behavior that creates a hostile, abusive, or intimidating environment that hinders equal access to professional services or employment.

“NAR continually assesses and, when appropriate, amends the Code of Ethics to ensure the specific articles are clear in their language and intent, and can be enforced fairly and consistently.”

NAR President Kevin Sears

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3. Catch up quick

🏗️ States with the highest and fastest rising construction wages. (NAHB)

🏡 Luxury home values have hit $1.8 M. (Zillow)

📉 Austin is the city with the highest dropping rent prices. (Redfin)

✈️ Top markets for international homebuyers. (Realtor.com)

🤖 AI spots stock winners and generates a simulated return of over 650%. (MarketWatch)

💼 Fun read: Irving is among the hardest-working cities. (WalletHub)

4. Millionaire renters on the rise

A new report from RentCafe reveals that 1 in 11 millionaires is now a renter, up from 1 in 13 in 2019. The number of renter households earning $1 million or more jumped from 4,500 to 13,700 between 2019 and 2023, adding 9,200 millionaire renters to the market.

Houston stands out with a major rise in wealthy renters. Millionaire renters in the city jumped from just 7 households in 2019 to 179 in 2023, meaning it multiplied 25 times.

Fastest-growing hotspots for millionaire renters and owners

Source: RentCafe Analysis of IPUMS data

5. Inventory exceeds 1M homes for the first time in 6 years

According to Realtor.com’s May 2025 Monthly Housing Trends Report, active listings rose to 1,036,101, up 31.5% YoY and 8% MoM. It’s the first time since winter 2019 that housing inventory has topped one million.

The report also noted that even with the 1 million milestone, active listings remain 12.3% below May 2019 levels. New listings fell 1.4% MoM and are still down more than 20% compared to five years ago.

Additional national metrics from May 2025:

  • Median listing price is $440,000, up 2.0% MoM and 0.1% YoY.

  • Median days on market is 51, 6 days longer than last year.

  • 19.1% of listings saw a price reduction, the highest May share since 2016.

  • Median list price per square foot is $234, up 0.5% MoM and 0.6% YoY.

  • Only 22 metros have fully rebounded to their 2017–2019 inventory norms, with Austin, San Antonio, and Dallas among the top 10.

A MESSAGE FROM THE RUNDOWN AI

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