Existing-home sales posted the first year-over-year gain since 2021

Plus: Trump taps NFL player Scott Turner as head of HUD

November 26, 2024

🌅 It’s the Tuesday of a short week. Good Morning! Today's newsletter is 637 words — a 2.5-minute read.

  • Programming Note: We’re taking a little break this Thursday to celebrate Thanksgiving.

1. Trump names former Texas state Rep. Scott Turner to lead Housing and Urban Development (HUD)

On Friday evening, President-Elect Trump announced Scott Turner as his nominee for Secretary of the U.S. Department of Housing and Urban Development (HUD), according to a statement published on Truth Social by his transition team.

A native of Richardson, Texas, Turner served as the first Executive Director of the White House Opportunity and Revitalization Council during Trump’s first administration. Previously, he represented the 33rd District—which includes part of Collin County and all of Rockwall County—in the Texas legislature from 2013 to 2017.

2. Keller Williams, Re/Max, Anywhere lose motion to dismiss homebuyers' suit

After a federal judge said the companies brought a key defense too late, Keller Williams Realty Inc., Anywhere Real Estate Inc., and Re/Max LLC must face antitrust claims in a case alleging they conspired to raise real estate commissions.

Judge LaShonda A. Hunt of the U.S. District Court for the Northern District of Illinois rejected the companies' request to dismiss the case on Nov. 22, saying they lost their right to argue the court didn’t have authority over them because they didn’t bring it up sooner.

Hunt noted that the three defendants filed initial motions to dismiss the suit in April 2021, but only HomeServices of America — which was dismissed from the suit in February 2024 — filed a motion.

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3. Catch up quick

🏠 Existing-home sales posted the first year-over-year gain since 2021. (NAR)

🚫 Bipartisan group asks FHFA to stop title waiver pilot. (Scotsmanguide)

🎉 Keller Williams appoints Shanan Steere as the new director of growth operations. (BusinessWire)

🧑‍🏫 University of Texas to provide free tuition for some students. (UTSystem)

🚀 Redfin’s Homebuyer Demand Index hits highest level in 15 months. (Redfin)

🛠️ Zillow launches new tool to help homebuyers. (Zillow)

🍌 Fun read: Banana duct-taped to wall sells for $6.2 million. (VOA)

4. Charted: Giant homebuilders are eating up more market share

Publicly traded homebuilders have been gaining market share for decades. In 2005, they accounted for 25% of new home closings. By 2019, that figure had risen to 37%. In 2023, their market share spiked to 51%. Zonda chief economist Ali Wolf predicts it could soon exceed 60%. LINK

Homebuilding market share controlled by publicly traded builders (Percentage of closing)

Source: Zonda

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5. Buyer-broker agreement may limit how brokers compete, DOJ warns

The Department of Justice (DOJ) filed a Statement of Interest on Sunday, Nov. 24, regarding the National Association of Realtors (NAR) settlement over commission lawsuits, urging the court to clarify that the agreement does not prevent future antitrust enforcement.

While the DOJ did not take a stance on the settlement's approval, it raised concerns about a provision requiring written buyer-agent agreements before home tours, which could potentially harm competition.

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