Strongest buyer’s market on record

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Today's newsletter is 813 words — a 3-minute read. Let’s dive in…

1. Strongest buyer’s market on record

Home sellers outnumbered buyers by 57.9% nationally in August, up from 52.1% in July, making it the strongest buyer’s market on record, according to a Redfin report.

Here are key takeaways:

• An estimated 1.53 million sellers were active during the month, the highest level in six years and up 3.9% from July, while 972,300 buyers were active, up just 0.1% and the lowest level on record.

• Houston had 130.9% more sellers than buyers, the third-largest gap nationally behind Nashville and Miami. San Antonio followed at 116.3%, Austin at 115% and Dallas at 107.6%. All 10 strongest buyer’s markets were in the Sun Belt, with four in Texas.

• Just 5 of 49 major metros analyzed were seller’s markets, led by Nassau County, New York.

• Home values rose 5.5% year over year in seller’s markets, compared with just 1.6% in buyer’s markets.

2. Airbnb launches housing accelerator, with Austin first to benefit

Airbnb is putting $250 million toward stalled housing projects, combining below-market financing with policy advocacy and construction technology funding. The company expects the initiative to unlock more than $5 billion in housing investment over the next decade, targeting projects that have cleared most regulatory hurdles but lack the final capital needed to move forward.

Austin is among the first markets to benefit, with Airbnb committing $6.4 million toward 201 affordable units in the St. John redevelopment. The broader project will include more than 500 homes, along with retail, a park and public art. Airbnb estimates roughly 750,000 housing units nationwide are currently stalled because of financing gaps.

The initiative also targets permitting delays, zoning restrictions and construction costs, with a $5 million prize for technologies that can make housing faster and cheaper to build. Airbnb says the broader goal is to remove barriers to housing construction and expand supply.

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3. Catch up quick

🚀 CoStar names Felix Kusch president of Homes.com. (CoStar)

📊 Texas real estate forecast points to slower growth in 2027. (TRERC)

⚖️ Texas 3-way agreement lawsuit ends in NAR's favor. (NAR)

🚨 Fed expected to raise rates by a quarter point Wednesday. (NMP)

📊 Seller impersonation fraud more than doubles since 2024. (ALTA)

4. Sales fall 2% as housing supply hits 10-year high

Existing-home sales fell 2% month-over-month and 1.2% year-over-year in August to a seasonally adjusted annual rate of 3.98 million, the first time sales dipped below 4 million since June 2025, according to a NAR report.

Here are key takeaways:

• Unsold inventory rose 3.2% from July and 5.9% year-over-year to 1.62 million units, the first time since November 2019 that inventory topped 1.6 million, pushing supply to 4.9 months, the highest level in over a decade.

• The share of first-time buyers rose to 30%, up from 29% in July and 28% a year ago.

• The median existing-home price rose 1.6% year-over-year to $429,100.

• The West was the only region to see a median price decline.

• Homes sat on the market longer, averaging 31 days in August compared with 29 days in July.

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5. Zillow execs sued over Redfin rental deal

A Zillow shareholder is suing CEO Jeremy Wacksman, CFO Jeremy Hofmann, co-founders Richard Barton and Lloyd Frink, and eight other current or former directors, alleging they failed to disclose antitrust risks tied to the company's $100 million rental listings deal with Redfin.

The complaint alleges Zillow insiders sold more than $81 million in company stock before the antitrust risks became public. It also cites Zillow's Class C stock falling from $77.05 in September 2025, after the FTC's lawsuit was announced, to $32.19 by July 2026.

The shareholder is seeking damages for Zillow and corporate governance changes, including stronger internal controls and a shareholder vote on separating the CEO and chairman roles.

Zillow maintains the Redfin partnership is "pro-competitive and pro-consumer" and says the FTC resolution, reached weeks earlier, lets the company focus on renters and multifamily housing providers. The FTC settlement did not require Zillow to pay any fine or damages. The allegations in the shareholder suit have not been proven.

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