Texas cities dominate new apartment construction

Plus: Sellers outnumber buyers by 36%

August 28, 2025

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😎 Morning, Texas! Today's newsletter is 573 words, a 2.5-minute read.

1. New single-family home sales were down in July

According to a report by the Census Bureau, in July, signed contracts for new single-family homes came in at a seasonally-adjusted annual rate of 652,000. While that’s down 8.2% from a year ago, it’s ahead of economists’ projections of 630,000.

Here are the other key takeaways:

  • In July, the median sales price of a new home fell nearly 6% YoY to $403,800, the lowest July figure since 2021.

  • For the 4th month in a row, new homes sold for less than existing homes in July. The gap is about $20,000.

  • 66% of builders used sales incentives, the highest share since the pandemic.

  • New-home supply for July stood at 499,000 units, up 7.3% YoY

2. Report: Sellers outnumber buyers by 36%

According to new data from Redfin, the number of homesellers fell in July for the first time since July 2023. Over the past two months, the total supply of sellers slipped from a peak of 1.96 million in May to 1.95 million in July.

Even with that decline, sellers still outnumber buyers by about 36% — the widest gap between the two groups since at least 2013.

At the same time, the number of buyers on the market dropped to 1.43 million in July — the lowest on record outside of April 2020, when activity sank to roughly 1.38 million during the early days of the COVID-19 pandemic.

Source: Redfin data

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3. Catch up quick

🚫 Starting Sept. 1, new Texas law will ban certain foreign nationals from buying land. (HPM)

🌟 Austin ranked the No. 1 U.S. city for economic growth. (CoworkingCafe)

🏞️ Texas Parks & Wildlife acquires 1,720-acres of land for new state park. (TPWD)

💸 Inflation outpaces home prices for the first time in 2 years. (S&PGlobal)

🤝 FHFA approves Rocket Companies' acquisition of Mr. Cooper. (FHFA)

🏡 Couple lists the most expensive home in the US. (Newsweek)

👨‍👩‍👧‍👦 $25 Trillion in real estate is moving to the next generation. (CNBC)

4. Texas cities dominate new apartment construction

According to a new RentCafe report, Texas is among the leaders in U.S. apartment construction — with Dallas–Fort Worth metro ranking No. 2, just behind New York City.

Austin (No. 3), Houston (No. 8), and San Antonio (No. 17) also landed in the top 20.

At the city level, the South takes centre stage. In 2025, four Texas cities are projected to deliver nearly half of the 78,350 new apartments expected across the nation’s top 10 markets — led by Austin, with 15,195 units.

5. Home price growth at lowest point in over a decade

Home prices grew just 1.8% in July, the slowest pace since the AEI Housing Center began tracking the market in 2013. AEI experts say prices may stop rising by the end of the year.

Home price growth was lower than 2.5% in June and much weaker than the 4.5% rate a year ago.

The main reason, according to the report, is that mortgage rates have remained high since 2022. This has made homes harder to afford and kept many buyers out of the market. LINK

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