More than half of Texas home sellers cut prices

🇺🇸 We hope you had a nice long break.

Today’s newsletter is 671 words—a 2.5-minute read.

1. Single-family housing starts fell in April

According to Census Bureau data, housing starts reached a seasonally adjusted annual rate of 1.46 million units in April, up 4.6% year over year but down 2.8% from March. Single-family housing starts declined 2.4% year over year and 9% from March to an annual rate of 930,000 units.

Regionally, combined single-family and multifamily housing starts rose 16.6% year to date in the Northeast and 1.8% in the South. Meanwhile, starts fell 2.9% in the Midwest and 0.4% in the West.

2. Home purchase cancellations level off

In April, approximately 47,000 home-purchase agreements were canceled, representing 13.4% of homes that went under contract. According to a Redfin report, this was slightly lower than March on a seasonally adjusted basis.

April also tied with January for the lowest level of contract cancellations since September 2024.

Among major markets, San Antonio recorded the second-highest cancellation rate nationally and the highest in Texas at 18.9%, followed by Fort Worth at 17.6%.

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3. Catch up quick

🎖️ San Antonio–New Braunfels ranks among the best large metros for veterans. (VeteransUnited)

🛡️ Insurance premiums on new-construction homes are up to 38% lower on than older homes. (Realtor.com)

🏠 House passes amended 21st Century Road To Housing Act. (Congress)

🚨 Austin leads the nation in home foreclosure growth. (TRDData)

😊 Texas is the No. 1 state for renters. (Apartments.com)

4. More than half of Texas home sellers cut prices

About 35.4% of home sellers reduced their listing price in April. While that’s slightly below March’s 35.6% on a seasonally adjusted basis, it remains close to the recent peak of 36.6% recorded last August, according to a Redfin report.

Sellers who lowered their prices in April reduced them by an average of 4%, a figure that has remained relatively consistent over the past two years.

Texas saw the highest share of price reductions nationwide. Nearly 60% of sellers in San Antonio lowered their prices last month, followed by Austin at 55.8% and Dallas at 50.5%.

5. Wells Fargo to pay $100M in a discrimination lawsuit affecting homebuyers

A federal judge has granted final approval to a $110 million settlement resolving claims that Wells Fargo’s leadership failed to oversee its mortgage lending practices properly.

The agreement includes a $100 million borrower assistance program designed to support low- and moderate-income homebuyers across more than 50 metropolitan areas.

Eligible borrowers will receive down payment assistance, grants, and closing cost support in communities impacted by historic barriers to mortgage access.

In Texas, eligible metro areas include Dallas–Plano–Irving and Fort Worth–Arlington–Grapevine, which qualify for both mortgage assistance grants and closing cost support. The Houston–Pasadena–The Woodlands area qualifies for closing cost assistance only.

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