Zillow, Redfin settle FTC antitrust case over rental-listing partnership

🤝 Tuesday, we meet again — and this time, so does the FTC, Zillow and Redfin.

Today's newsletter is 830 words — a 3-minute read. Let’s dive in…

1. Zillow, Redfin settle FTC antitrust case over rental-listing partnership

Zillow and Redfin have reached a settlement with the FTC and five states, resolving antitrust concerns over their $100 million rental-listings partnership. Regulators alleged Zillow paid Redfin to shut down its listing business, steer customers to Zillow, and stay out of the market for up to nine years, an arrangement they said illegally suppressed competition.

Under the settlement, Redfin must reenter the internet listing services market within six months, building its own technology and hiring a general manager, sales staff and customer support team. Zillow and Redfin can continue syndicating listings across platforms, but both must offer standalone multifamily advertising products.

Zillow must also waive employee noncompete agreements that could prevent workers from joining Redfin. For nine months after Redfin's relaunch, Zillow must allow customers locked into contracts to renegotiate without fees or penalties. The order runs for 10 years, with financial penalties if Redfin misses its relaunch deadline.

2. Home purchase cancellation hit 3-year high

14% of home-purchase agreements fell through in July, the highest rate since November 2023. With buyers outnumbered by sellers by nearly 51%, house hunters have more options and more confidence to walk away, according to a Redfin report.

Texas metros posted some of the nation's highest cancellation rates:

• Houston: 19.6% (second-highest nationally, behind Atlanta's 19.8%)

• San Antonio: 18.7%

• Fort Worth: 18.1%

• Dallas: 16.3%

• Austin: 13.4%

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3. Catch up quick

🤝 Pinterest partners with Zillow for ad targeting. (Zillow)

🏗️ Houston's build-to-rent boom brings 170 more townhomes to Tomball. (Webull)

💵 Nearly three-quarters of retiree homeowners own their homes outright with no remaining mortgage. (Investopedia)

🏠 Housing inventory hits highest level since 2019. (TheClose)

⚠️ More than 126,000 home permits are expired in Austin. (KXAN)

4. Texas leads nation in annual job gains

Texas added 165,600 nonfarm jobs from July 2025 to July 2026, more than any other state, with payrolls growing 1.2% — a full percentage point faster than the national rate, according to data released Friday by the Bureau of Labor Statistics.

The state ended July with 14.47 million nonfarm jobs, while total employment, including self-employed workers, reached 15.21 million. Nationally, 316,000 jobs were added overall.

Professional and business services, leisure and hospitality, and construction posted the fastest job growth, while government employment declined. Texas' unemployment rate edged up to 4.5% from 4.4%, remaining above the national 4.1% rate.

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5. Real completes RE/MAX takeover to form 180K-agent giant

Real Brokerage has completed its $880 million acquisition of RE/MAX Holdings, creating Real REMAX Group and bringing more than 180,000 agents across 120 countries and territories under one company. The combined firm begins trading on Nasdaq under the REAX ticker Aug. 25.

Real CEO Tamir Poleg will serve as chairman and CEO of the combined company, with former RE/MAX Holdings stockholders receiving either shares in the new company or a mix of cash and stock, based on their election. The company also authorized a share repurchase program of up to $450 million.

Real and RE/MAX will continue operating as separate brands, with RE/MAX retaining its franchise model and Real maintaining its cloud-based brokerage. Real plans to make its reZEN transaction platform, Leo AI tools, and Real Wallet available to RE/MAX agents and franchisees on an opt-in basis.

6. Paxton bars 116 Texas cities from tax hikes

Texas Attorney General Ken Paxton has notified 116 more cities that they cannot adopt property tax rates above their no-new-revenue rates after failing to meet new state audit and financial transparency requirements.

The action stems from SB 1851, which took effect in September 2025 and requires municipalities to complete annual audits and file financial statements within 180 days of the fiscal year-end. Cities found noncompliant cannot levy a rate that generates more revenue than the previous year until they complete the required filings.

The latest notices bring the number of Texas cities flagged by Paxton's office to more than 240, following similar notices sent to more than 130 cities in May. The investigation covers more than 1,000 municipalities and remains ongoing.

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