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Texas homebuyers have mixed perspectives on the real estate market
Plus: ChatGPT introduces Zillow search functionality
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Today’s newsletter is 801 words, a 3.5-minute read.
1. Homebuyers are canceling deals at a record rate
According to Redfin, roughly 56,000 U.S. home-purchase agreements were canceled in August — equal to 15.1% of homes that went under contract. That’s up from 14.3% a year earlier and marks the highest August rate in records dating back to 2017.
Among the 443 agents interviewed who had dealt with a cancellation in the past three months, 70.4% said home inspection or repair issues were the top reason for home-purchase cancellations.
Source: Redfin survey
2. ChatGPT introduces Zillow search functionality
Zillow has announced that its real estate search functionality is now available in ChatGPT, providing a new path to homeownership on one of the world's most widely used AI platforms.
Users will have the ability to ask ChatGPT the same questions they would ask in searching for homes, such as:
What can I afford nearby?
Show me homes with a big backyard
What's renting in Texas right now?
The Zillow app in ChatGPT delivers listings, complete with photos, maps and pricing, and guides you seamlessly back into Zillow to schedule a tour, connect with an agent or explore financing.
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3. Catch up quick
🚨 Optimal Blue, big lenders accused of nationwide price-fixing scheme. (Reuters)
🏡 Investors are making up the highest share of homebuyers in 5 years. (CNBC)
📊 San Antonio condo market sees 4x more sellers than buyers. (Redfin)
💵 Nearly 1 in 3 homes sold for cash in 2025. (Realtor.com)
😬 Texas’ most-expensive homes are struggling to sell. (TRD)
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4. Texas homebuyers have mixed perspectives on the real estate market
According to an inaugural report by Texas REALTORS®, most homebuyers in early 2025 felt they had enough listings and time to find the right home. Nearly two-thirds of buyers said they had a sufficient number of options, while only one in five felt inventory was too limited.
About 39% of realtors said their clients faced multiple-offer situations, and 63% of buyers made offers on more than one property before closing.
Half of buyers expanded their price range during their home search, while roughly a third reduced theirs. Many who paused their search cited affordability challenges — with 42% saying homes were too expensive and 30% noting that desired features weren’t available.
“The timing that's right for the individual buyer is the right timing every time. The key isn't to predict the future of mortgage rates or home prices; it's to fully understand what clients need in the present.”
5. Texas housing inventory grows as sellers trim prices
According to HousingWire data, Texas home sellers are facing a slower fall market as listings spend more time on the market and inventory continues to rise across the state.
Here are the key takeaways:
More than 137,000 single-family homes are currently active statewide, representing about 3.7 months of supply.
The median list price in Texas is $377,558, while new listings are entering slightly lower at $358,450 — both below the national median of $444,900.
The median days on market in Texas has reached 84, compared with 70 nationally, and the average listing now lingers for 125 days.
About 44% of active Texas listings have seen a price cut, 13% have been relisted, and more than 35,000 homes are currently under contract.
🗞️ Related: San Antonio (+49.6%) and Austin (+46.9%) are among the markets with the greatest inventory relative to their pre-pandemic levels. (Realtor.com)
6. Corpus Christi ranked #1 city to drive in nationally
A new WalletHub study comparing the 100 largest U.S. cities ranked Corpus Christi as the best city in America for drivers — and several other Lone Star cities were among the top 20.
WalletHub evaluated the 100 largest cities using 30 factors across four categories: cost, traffic, safety, and access to car services.
Texas dominated the rankings, with five cities landing in the top 10. Corpus Christi topped with a total score of 66.81 out of 100.
City | Overall Rank | Total Score |
|---|---|---|
Corpus Christi | 1 | 66.81 |
Laredo | 5 | 63.51 |
Lubbock | 6 | 63.12 |
Plano | 8 | 62.61 |
Austin | 9 | 62.54 |
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