Texas cities lead the nation in new home construction

Plus: You need a salary of more than $60K if you want a starter home in Texas

June 05, 2025

🫡 'Ello, Thursday. Today's newsletter is 561 words — a 2.5-minute read. Let’s go…

1. Rocket's acquisition of Redfin OK'd

Redfin shareholders yesterday signed off on the company’s agreement to be acquired by Rocket. Rocket executives said they expected to close the deal as soon as this quarter.

  • The $1.75 billion merger agreement was approved by Redfin shareholders at a special meeting, according to preliminary voting results.

Five Senate Democrats condemned Rocket’s plans to acquire Redfin and Mr. Cooper, and asked why antitrust regulators at the FTC declined to challenge the merger.

“At a time when families already face a housing affordability crisis, these deals would combine the second-largest mortgage originator, the largest mortgage servicer, and the third-most-visited real estate brokerage website in the US, into a massive, vertically integrated conglomerate that may reduce choice and raise prices for American families in the housing market.”

Senate Democrats - Elizabeth Warren, Bernie Sanders, and Cory Booker wrote regulators.

2. Texas cities lead the nation in new home construction

Houston, Dallas, San Antonio, and Austin are leading the nation in residential construction according to a study from Consumer Affairs.

The study ranked the top 30 cities building the most new homes by analyzing new building permits and new homes sold in the first two months of 2025.

City

Rank

Building permits

Homes sold

Houston

1

11,047

1,314

Dallas

2

9,811

741

San Antonio

8

2,013

748

Austin

9

3,889

520

3. Catch up quick

🏠 You need a salary of more than $60K if you want a starter home in Texas. (Realtor.com)

🗳️ Proposed NAR hate speech changes advance to board vote today. (Inman)

⚖️ DOJ withdraws objections from MLS PIN settlement in the Nosalek suit. (HousingWire)

👀 NAR may rescind 'no-commingling' rule this week amid DOJ scrutiny. (Inman)

4. Scottsdale tops U.S. millionaire growth, beats Austin

Scottsdale, Arizona, posted the fastest millionaire growth in the U.S. over the past decade, with its wealthy population jumping 125% from 2014 to 2024, according to the USA Wealth Report 2025 from Henley & Partners. The surge knocks Austin out of the top spot, driven in part by a growing tech presence.

Other cities with the highest millionaire growth over the same period:

  1. West Palm Beach, FL: +112%

  2. Bay Area, CA: +98%

  3. Miami, FL: +94%

  4. Washington, DC: +92%

The rankings reflect long-term shifts in wealth migration and economic drivers, particularly in the South and West.

5. Home buyer hesitation is at a 3-year high

According to the latest Bank of America Homebuyer Insights Report, 60% of homeowners and prospective buyers say they’re unsure whether now is a good time to buy a home. That’s the highest share in three years and a significant jump from 48% two years ago.

Despite this, 52% of buyers believe the market has improved since last year, while 75% are holding off on purchases, expecting prices and rates to fall.

Younger buyers, especially Gen Z, are making significant sacrifices to achieve homeownership, such as taking on extra jobs, co-buying with siblings, etc. Climate concerns are also playing a larger role in buying decisions, with many prioritizing areas with lower weather-related risks and taking steps to protect their homes.

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