Tesla adding 5M sf to Austin Gigafactory

Plus: Texas housing inventory exceeds pre-pandemic levels

November 05, 2024

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Today's newsletter is 628 words — a 2.5-minute read.

1. Texas is among the states where active housing inventory has surpassed pre-pandemic levels

The total number of active housing inventory for sale in Texas shifted 13% compared to pre-pandemic levels between October 2019 and October 2024.

Active home listings are up in all four regions of the nation; the South is leading the charge with a 34.0% increase, closely followed by the West at 33.6%, the Midwest at 19.8%, and the Northeast, which still saw a healthy uptick of 14.3%.

Click here to view an interactive version of the map

2. Report: Median age of homebuyers has risen to an all-time high

According to a new report by the National Association of Realtors (NAR),

  • The average age of a typical American first-time homebuyer has reached an all-time high of 38 this year, up from 35 in 2023.

  • The average age of homebuyers has hit 56 overall this year, up from 49 last year.

  • The typical repeat buyer's age has increased from 58 to 61 during the same time frame.

The report, released yesterday, is based on data obtained via a questionnaire completed by 5,930 'primary residence buyers' who bought houses between July 2023 and June 2024.

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3. Catch up quick

💸 Who paid more in rent: Gen Z or Millennials? (MSN)

🏭 Tesla adding 5M sf to Austin Gigafactory. (CoStar)

🏠 Southlake Mansion is the most expensive listing in Texas at $13 million. (HAR)

📈 Texas real estate agent's commissions increased slightly after the NAR’s regulations took effect. (TRD)

🍔 Fun read: What you could buy with Texas Senate race spending. (Axios)

4. Agent commissions have changed little since adopting new rules

Real estate commissions for agents representing buyers have remained essentially unchanged since new industry rules went into effect in August, according to a new study by Redfin.

  • The average buyer’s agent commission for homes sold in October was 2.34%, only slightly below the 2.35%-level for homes sold in August, when new industry rules were adopted to give homebuyers more say in agent commissions.

  • Buyer’s agent commissions have fallen 17 basis points since January 2023, when they averaged 2.51%.

Redfin agents say the biggest difference since August 17 is the need to educate customers about rule changes and have conversations about agent fees with buyers at the start. Our agents see that as a positive, as it encourages more communication upfront and increases transparency around fees.

Redfin Chief Economist Daryl Fairweather.

5. D.R. Horton and Lennar plan a mixed-use development in Southern Dallas

Dallas real estate investment firm Hoque Global announced that it sold approximately 580 lots to D.R. Horton and Lennar at its roughly 280-acre University Hills development near the University of North Texas at Dallas.

The lots will be used for single-family homes and townhomes, which are expected to range from $300,000 to $500,000.

Hoque Global will begin infrastructure work such as roads, sewage, and pipelines in early 2025, and the development is expected to welcome its first residents in mid-2026.

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