Rocket Companies to acquire Redfin for $1.75B

🌅 Welcome to Tuesday! Today, we’re diving into Rocket Companies’ acquisition of Redfin, HUD’s office closures, and the latest trends in home prices. Plus, what’s up with office landlords offering fewer concessions? Let’s get into it.

Today's newsletter is 701 words — a 3-minute read.

1. Rocket Companies to acquire Redfin for $1.75B

Rocket Companies announced Monday its plans to acquire Redfin in an all-stock transaction valued at $1.75 billion in equity, or $12.50 per Redfin share.

The deal has been approved by the Boards of Directors of Rocket Companies and Redfin and is expected to close in the second or third quarter of 2025.

This acquisition will integrate Redfin’s home search platform, which features over one million listings and a network of 2,200 agents, with Rocket Companies’ mortgage origination and servicing capabilities. The combination aims to streamline the homebuying process by enhancing transaction efficiency and service quality.

2. HUD considering office closures across multiple states

The Trump administration plans to close dozens of HUD field offices, potentially leaving 34 states without local mortgage insurance offices. This move may violate a federal law requiring HUD offices in every state.

Under the proposal, only six of the current 65 offices would remain open—in Anchorage, Greensboro, Honolulu, Jacksonville, Los Angeles, and San Juan. Seven regional hubs would continue operations, though Seattle and San Francisco offices would close.

Critics warn that these closures could disrupt affordable housing programs and mortgage processing. HUD has not provided the required cost-benefit analysis or sought necessary congressional waivers, raising concerns about legality and transparency.

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3. Catch up quick

🧐 24% of homeowners and renters said February was a good time to buy. (FannieMae)

🏡 Former Howard Hughes CEO lists $24.9M North Texas mansion for first time. (MRT)

📢 NAR hires Matthew Cenedella as CFO. (NAR)

🔑 Pre-leasing begins at the 31-story apartment building known as 2811 Maple located along Maple Avenue just north of Cedar Springs. (WFAA)

❗ The nation is short 3.8M homes. (Realtor.com)

🏒 Fun read: Dallas Stars are currently in 3rd place in the NHL, with a 40-19-2 record. (NHL)

4. Office landlord concessions fell in 2024

In 2024, fewer concessions were offered to office tenants for the first time since CBRE (Coldwell Banker Richard Ellis) began tracking in 2019.

Concessions peaked in 2023, with office renters receiving an average of $97.55 PSF in tenant improvement allowances and 9.6 months of free rent. However, in 2024, these figures dropped to an average of $87.51 PSF in tenant improvement allowances and 8.9 months of free rent.

Despite the decline, concessions remain about 30% higher than the pre-pandemic averages of 2019, when tenant improvement allowances were just $63.67 PSF, and free rent averaged 6.7 months.

5. Homes sell for $5,600 more when they are listed in late May, Zillow reports

According to Zillow’s analysis of last year’s home sales, homes listed in the second half of May 2024 sold for an average of 1.6% more—equating to an extra $5,600 per typical home sale—compared to other times of the year.

The report shows that the ideal listing period varies by location.

Here are some of the Texas markets along with their best time to list and the average dollar boost on a typical home:

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