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- The number of first-time homebuyers is half the historical norm
The number of first-time homebuyers is half the historical norm
Plus: Tony Parker’s $16.5M Texas estate gets a boost from Twitch star Kai Cenat
🦾 Hello, Thursday! Today's newsletter is 619 words — a 2.5-minute read. Let’s go…
1. Inventory hits post-pandemic high as delistings jump
According to Realtor.com's June housing data, active inventory is up 28.1% YoY, reaching a new post-pandemic high. Meanwhile, delistings jumped 47% in May compared to last year and are up 35% year-to-date.
Delistings are now growing faster than active inventory at 31.5%. In May, 13 out of every 100 homes listed were later delisted, up from 10 during the same period in 2023 and 2024, and just 6 in 2022.
"Unlike past housing cycles where falling prices pressured underwater homeowners to sell, today's homeowners benefit from record-high levels of home equity, so they have the flexibility to wait it out. This allows many sellers to withdraw their homes from the market if their asking price isn't met."
2. NAR seeks dismissal of discrimination suit, again
On Tuesday, the NAR filed a motion to dismiss the ongoing lawsuit brought by former employee Roshani Sheth. The motion responds to Sheth’s second amended complaint, which includes claims that NAR violated Title VII of the Civil Rights Act of 1964 and the Illinois Human Rights Act — in addition to her earlier discrimination and breach of contract allegations.
NAR argues that the allegations in Sheth’s amended complaint are “implausible,” and claims she is asking the court to “indulge in speculation.” The organization is again requesting dismissal of all claims except for Sheth’s breach of contract allegation, arguing that she fails to state a valid claim and that those portions of the suit should be dismissed with prejudice.
Originally filed in June 2024, Sheth alleges that NAR retaliated against her for reporting alleged sexual harassment.
3. Catch up quick
📈 The housing deficit hit a new high of 4.7 Million. (Zillow)
📦 Where Americans are moving to and from. (Realtor.com)
🏡 Houston hasn’t had this many single-family listings since 2007. (TRD)
👶 America's newborns to get $1000 investment accounts. (Axios)
🚀 Fun read: Nvidia first to hit $4 Trillion valuation. (APNews)
4. Tony Parker’s $16.5M Texas estate gets a boost from Twitch star Kai Cenat
Spurs legend Tony Parker is selling his Hill Country estate for $16.5 million—and he's turning to Twitch sensation Kai Cenat to help market it. The 53-acre Boerne property, just north of San Antonio, includes a 13,300-sq-ft home, a 6,000-sq-ft gym, and what’s said to be the largest residential water park in the U.S., according to listing agent Erwin Nicholas II of Mr. Real Estate.
Nicholas tapped the celebrity streamer to market the home, where he’ll be stationed for the next month, hosting celebrity appearances and stunts to boost buzz around the listing.
Nicholas described the bold strategy as 'a really big open house,' calling it unprecedented in the industry.
“If you have the best house that offers something that you want the world to see, why not give [influencers] the opportunity to stay in it for one month? It doesn’t cost you anything. Every other broker’s putting it on MLS and just waiting like the rest of the competition that’s on the market. There’s no excitement about that.”
5. The number of first-time homebuyers is half the historical norm
The number of first-time homebuyers in 2004 was nearly 3.2 million, according to NAR data shared with Fortune on Tuesday. By 2024, that number had plummeted to just 1.14 million.
Source: National Association of Realtors
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