Texas is one of the states where inventory is above pre-pandemic levels

🌅 Good morning, it’s Thursday!

Today's newsletter is 562 words — a 2.5-minute read.

1. NAR responds to NYT report on nonprofit wing’s funding efforts

After The New York Times published an exposé accusing the National Association of Realtors (NAR) of funneling funds to conservative groups through its nonprofit, the American Property Owners Alliance (APOA), NAR responded, defending its transparency and practices.

NAR clarified that APOA was publicly launched in 2020 and is funded through an annual, transparent grant, not membership dues. It refuted claims of political bias, stating that APOA’s grants are distributed across the political spectrum.

NAR also denied the "dark money" allegations, emphasizing its full compliance with legal reporting requirements.

2. Mapped: Texas is one of the states where inventory is above pre-pandemic levels

The number of active inventory in November (953,452) is still 16.6% below the level in November 2019 (1,143,332). However, active listings have increased by 26.2% year-over-year (YOY), according to ResiClub.

Texas is one of the states where inventory levels are now above pre-pandemic norms.

Active housing inventory for sale compared to pre-pandemic levels: Shift between November 2019 and November 2024

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3. Catch up quick

📢 Texas REALTORS CEO Travis Kessler announces retirement. (Yahoo)

⚖️ Luxury real estate tycoon brothers charged with sex trafficking. (Forbes)

👨‍👩‍👧‍👦 The rise of multi-generational home buying. (NAR)

📈 The Consumer Price Index rose 2.7% in the 12 months through November. (Axios)

🗳️ Austin's historic East 12th Street landmark faces a crucial vote today. (MySA)

💸 Texas workers are owed $11 million in back pay. (CBS)

🌟 Fun read: Texas produced a finalist for the 2024 Heisman Trophy. (Axios)

4. Dallas Hilton Hotel slated for conversion into multifamily units

Sage Investment Group plans to renovate the Homewood Suites by Hilton at 2747 N. Stemmons Fwy. into workforce apartments.

Built in 1997, the hotel has 137 guest rooms, four meeting rooms, and 2,364 sf of total event space.

The $1.5 million renovation will not require any architectural work, and any construction will take place only in the club house.

Work is expected to begin in January and be completed in August.

5. 41% of Gen Z and Millennials use social media for real estate info

According to the 2024 RE/MAX Future of Real Estate Report, 41% of Gen Z and Millennials use social media to learn about real estate. Two-thirds of these consumers, aged 18 to 43, say social media agents make it easier to find properties and provide more accessible information about the home buying and selling process.

• Facebook (25%) is the most popular platform for browsing the property market, followed by Instagram (22%) and TikTok (20%).

Additionally, the National Association of REALTORS reports that Gen Z and Millennials currently account for 41% of buyers and 25% of sellers.

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