Austin top in buyer agent commissions

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Today's newsletter is 557 words — a 2.5-minute read.

1. Texas’ economic growth is cooling off amid slowing labor market, Dallas Fed reports

Texas’ economy has seen continuous outsized growth in recent years. But the state’s economic projections are beginning to soften, according to the Federal Reserve Bank of Dallas.

Jobs across the state now are expected to increase 1.9% in 2024, a decrease from the previous 2.4% growth forecast.

The Dallas Fed forecast suggests 266,100 jobs will be added in the state this year, with December employment reaching 14.3 million. Texas is expected to outpace the national economy despite a slowing growth rate and reduced job forecasts for 2024.

2. Top markets for buyer agent commissions

The typical U.S. home seller is paying a 2.55% commission to the buyer's agent, down from an average of 2.62% in January, according to a report from Redfin.

• In dollar terms, the typical buyer’s agent earns $15,377 per deal, up marginally from $15,124 in January due to rising home prices.

Here are the top markets with the highest and lowest average buyer commissions:

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3. Catch up quick

🤝 Zillow co-founder hands-off CEO role to longtime company leader. (Zillow)

🙏 Study ranks Texas as 3rd-most religious state in 2024. (SmileHub)

☀️ Austin topped the list of sweatiest cities in the U.S. (Thumbtack)

💳 Houston homebuilder Brett Detamore charged with wire fraud. (DOJ)

🚕 Fun read: Houston breakdancer Moy Rivas was selected as a judge for the Olympics breaking competition in Paris. (Fox7)

4. Century Communities grows Houston portfolio with the acquisition of Anglia Homes

Century Communities is expanding its presence in Houston with the acquisition of Anglia Homes operations and assets.

Anglia Homes consists of one- and two-story single-family floor plans priced from the mid-$200,000 to the high $400,000.

The acquisition more than doubles Century Communities’ community count in Greater Houston, adding more than 25 locations to its portfolio.

5. 24% of Gen Z house hunters would trade safety for affordability

Nearly one in every five (17.3%) house hunters are willing to sacrifice their physical safety to find a home they can afford within the next year, according to a new report from Redfin.

Nearly one in four (23.7%) Gen Z respondents said they are willing to live somewhere less safe for the right price, compared to 18.1% of millennials and 17.5% of Gen Xers. Only 5.5% of baby boomers said they would trade their safety.

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