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Builders in the multifamily housing market are pumping the brakes — and fast.

According to a new Redfin report, building permits for multifamily units have plunged 27.1 percent from their pandemic-era highs, with new rentals now hitting the market at the slowest pace on record.

Sheharyar Bokhari | Redfin Senior Economist Sheharyar Bokhari

“New apartments are being rented out at the slowest speed on record, and builders are pumping the brakes because elevated interest rates are making many projects prohibitively expensive,” Redfin Senior Economist Sheharyar Bokhari said in the report. “At some point in the next year, the slowdown in building will mean that renters have fewer options — potentially leading to an increase in rents.”

In short, building is getting riskier and more expensive.

During the height of the pandemic, builders were filing an average of 17 multifamily permits per 10,000 residents. Over the past year, however, the average has fallen to just 12.4 permits per 10,000 people, a 5.5 percent drop from pre-pandemic levels, according to the U.S. Census Bureau’s multifamily housing data.

Redfin analysis of U.S. Census Bureau data

It’s not just interest rates dampening builder enthusiasm. Tariffs imposed under the Trump administration are adding costs to construction materials.

The combined effect of higher borrowing costs, slowing rent growth and steeper material prices have caused builders in many metro areas to pull back. In fact, 63 percent of markets analyzed by Redfin saw a decline in multifamily permitting since the pandemic.

Redfin analysis of U.S. Census Bureau data

Stockton, California, for instance, saw permitting drop to zero. Colorado Springs, Colorado, fell 82 percent to just 8.6 units per 10,000 people, while Boise City, Idaho, declined 64 percent to 12.6 units.

Still, there are bright spots. A few cities are defying the trend and ramping up construction. Oklahoma City led the way with a 193 percent increase in permits — from just 1.7 units per 10,000 people during the pandemic to 5.1 over the past year. Austin, Texas — where remote work fueled a surge in housing demand and construction following the pandemic — led all major metros with 64.5 units permitted per 10,000 people.

Cape Coral, Florida (59.6); North Port, Florida (53.3); and Raleigh, North Carolina (41.1), also saw significant multifamily growth.

Even so, Redfin warns that today’s slowdown could become tomorrow’s supply crunch. If construction continues to lag, renters may soon find themselves facing fewer options and potentially higher rent prices.

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RE/MAX Holdings continues to feel the pressure of a challenging real estate market, reporting a 4.9 percent annual revenue drop in the first quarter of 2025, according to financial results posted after the market closed on Thursday.

Revenue fell to $74.5 million, down from $78.3 million a year earlier — marking the 11th consecutive quarter of decline.

Despite the downturn, the results met expectations set in the previous quarter, when the company projected Q1 revenues between $71 million and $76 million.

Revenue guidance for the full year also exceeded analysts’ estimates, but next quarter’s guidance of $72.5 million was less impressive, coming in at 4.2 percent below expectations.

The company cited lower agent count, weaker mortgage revenue and reduced contributions from earlier acquisitions as the primary drivers of its decline in revenue.

Despite softer top-line results, RE/MAX made modest gains in profitability. Adjusted EBITDA rose slightly to $19.3 million, up 1.5 percent year over year. The company achieved an EBITDA margin of 25.9 percent, up from 24.3 percent a year ago. Adjusted earnings per share improved $0.24.

The company also cut operating expenses by $4.7 million or 6.4 percent year over year. Total expenses fell to $69.1 million, down from $73.8 million, aided by lower selling, general and administrative costs, and depreciation.

RE/MAX ended the quarter with $89.1 million in cash and $439.9 million in debt, reflecting slight decreases from the end of 2024. Operating expenses dropped by $4.7 million, or 6.3 percent, due to cost-cutting efforts in administration and operations.

Agent headcount offered a mixed picture. Total agent count grew 2 percent to 146,126 year over year, but the combined U.S. and Canada count dropped 5 percent to 75,010. During the previous quarter, the company reported a total agent count of 146,627.

Motto Mortgage franchises also declined 3.3 percent year over year, down to 234 offices.

During a Thursday investor call, CEO Erik Carlson emphasized a slate of strategic initiatives aimed at revitalizing growth.

“We are continually elevating our value proposition,” he said. “This quarter, we also introduced several new initiatives to help our affiliates win more listings, do so more efficiently and profitably grow their businesses.”

One cornerstone of that effort is AspireSM, a new onboarding program designed to attract high-performing agents through a combination of world-class education, advanced technology and financial incentives. Carlson also highlighted a refreshed brand identity, featuring an updated RE/MAX logo and balloon emblem introduced at the company’s R4 Convention in February.

Additional marketing and tech tools are being rolled out in 2025, including a customizable global marketing platform for local franchise and agent use, enhanced AI-driven websites and the MaxTech lead nurturing program. The company also launched the HomeView app to facilitate post-sale client engagement.

Later this year, RE/MAX plans to debut MaxRefer, a full-service, AI-powered global referral system that will help agents easily match with referral partners, track performance and manage fee distribution seamlessly.

For the second quarter of 2025, RE/MAX Holdings expects revenue between $70 million and $75 million. Agent count is anticipated to increase by 1.5 percent to 2.5 percent.

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Barbara Corcoran, the founder of The Corcoran Group and longtime Shark Tank investor, is urging homebuyers to move now, while others are sitting on the sidelines.

In a recent TikTok video and an appearance on Fox & Friends, Corcoran made it clear: Economic hesitation is exactly why it’s a good time to buy real estate.

“Now is a great time to get a good deal. Why? Because everybody’s hesitating,” she said on TikTok. “They’re worried about everything in the economy, and buyers stall when they feel that way, but right now, I’m here to tell you that that stall’s not going to last very long.”

Her comments come at a time when many buyers are understandably cautious. Thirty-year fixed mortgage rates remain elevated — sitting at 6.88 percent as of April 29 — and concerns linger around the impact of President Donald Trump’s imposed tariffs as well as rising home prices. Still, Corcoran believes this window of hesitation is a gift to those ready to act.

“You’ve got your best selection. You’ve got your best prices,” she added. “Maybe [in] a month or two things are going to get normal again, and everybody’s going to be out in the market. So get yourself out there if you have any cash, if you have any way to buy real estate right now.”

During her Fox & Friends interview with Steve Doocy, Corcoran emphasized the impact of uncertainty on buyer behavior, noting that fear often leads to stalled decisions. A recent Fox News poll underscored that sentiment, revealing that 55 percent of Americans believe Trump’s tariffs could hurt the economy and jobs.

“Last month, we had almost 14 percent of all contracts fall apart,” she explained. “Last time we saw it was right on the heels of COVID. People got scared, but then the market came back by storm. That’s exactly what’s going to happen here.”

While she went on to acknowledge that renting is currently cheaper than buying in the leading 50 U.S. markets, Corcoran made a long-term case for ownership.

“You don’t get appreciation [when renting]. You don’t have anything to leave your kids,” she said.

Speaking from experience, Corcoran also revealed that she’s been pulling money out of the stock market and putting it into real estate deals — many of which are now circling back around to her after being previously out of reach.

Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the Inman Community and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!

The Houston home dubbed the “Darth Vader House” has a new owner — and a new identity in the works.

Mexican sculptor Enrique Cabrera purchased the property for $3.4 million and plans to transform it into an artistic landmark of his own creation, the Houston Chronicle recently reported.

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Designed by Houston architect Brett Zamora, the home earned its name thanks to its dark facade and angular, helmet-like design, evoking the Star Wars villain, Nan & Co. Properties shared in an article announcing the sale.

Nancy Almodovar of Nan & Co. Properties represented Cabrera in the transaction.

Wikimedia Commons: Darth Vader/Berniethomas68

Over the years, the property has changed hands multiple times and cycled on and off the market.

Most recently, it was listed by local real estate broker and House of Ho star Washington Ho.

When the home didn’t sell, it returned to the hands of listing agent and owner Jason Junkin of Nitya Realty, who held onto it for around three years.

Just six days after the property was listed for $3.3 million this time around, Cabrera snapped it up with plans for a bold rebranding.

“The former Darth Vader house now is officially ‘The Black Bull House’ by Enrique Cabrera,” he told the Chronicle.

The name isn’t just symbolic — Cabrera plans to install a $2.4 million black bull statue of his own design at the home’s entrance.

Enrique Cabrera (Photo by Johnny Nunez/WireImage courtesy Getty)

Cabrera told The Real Deal that he intends to give the property a complete artistic transformation, turning it into a hub of creative energy.

At 7,000 square feet, the home sits on an enormous 18,000-square foot lot in Houston’s prestigious West University enclave. According to the property’s listing description, the house sits “mysteriously lurking in its striking dark slate and aluminum clad armor.”

Inside, the home’s design could be considered just as dramatic, featuring two floating glass staircases, floor-to-ceiling windows, a wine wall, a pool and hot tub. The home also includes four bedrooms and five bathrooms.

Originally built in 1992 by Houston plastic surgeon Dr. Jean Cuckier — a devoted fan of Star Wars — the home has long captured the imagination of locals and architecture lovers and is considered a local landmark.

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Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the Inman Community and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!

A sprawling waterfront estate in Naples, Florida, has shattered records with its $225 million sale, making it the most expensive residential transaction in state history and the second-priciest in the country, the Wall Street Journal reported Friday.

The current national record remains with Citadel CEO Ken Griffin, who paid $238 million for a New York City penthouse at 220 Central Park South in 2019. In Florida, the previous high was set by Oracle founder Larry Ellison’s $173 million purchase of a Manalapan estate in 2022.

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The newly sold Naples estate sits on Gordon Drive in the exclusive Port Royal community, prized for its exclusivity and access to the private Port Royal Club. Spanning about 15 acres with 800 feet of direct Gulf frontage, the Naples estate represents one of the largest waterfront properties in the country.

Michael McCumber of Gulf Coast International Properties represented the seller — a party tied to the Canadian DeGroote family. The buyer’s identity has not been disclosed.

Originally listed for $295 million in early 2024, the estate ultimately sold for a significant price reduction. Still, McCumber emphasized that the property offers a “once in a lifetime, singular opportunity to build a true legacy,” per the property’s listing description.

The estate is made up of three contiguous parcels: a southernmost property with a 6,000-square-foot home built in 1938 (which survived Hurricane Ian without water damage), an undeveloped three-acre lot and another parcel boasting waterfront access. Together, the properties could be reimagined into up to five oceanfront estates.

Beyond the sheer size and waterfront appeal, the new owner will also be part of Port Royal’s next chapter.

“Port Royal is undergoing a remarkable transformation, with the $100 million reconstruction of its private beach club driving a new era of luxury living,” McCumber said in a statement. “By closing this record-breaking deal, we’ve once again raised the bar.”

Across the national luxury market, other massive deals include Oakley founder James Jannard’s record-setting $210 million sale of his Malibu compound in 2024. Meanwhile, Jeff Bezos has continued to expand his portfolio, snapping up three properties worth a combined $237 million in Miami’s “Billionaire Bunker” enclave of Indian Creek Village. Bezos also broke Washington’s most expensive sale record for his Hunts Point, Washington, estate, sold for $63 million earlier this month.

Back in Naples, another major transaction is in the works. Activist investor David Hoffman is reportedly closing on a deal for a waterfront estate priced north of $100 million, as reported by Naples Daily News.

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