Million-dollar home sales jump 18%

22 weeks

That’s the number of weeks left in this year. 

If that number stopped you for a second, good — it jolted me too.

Now truly is crunch time if you’re an agent who wants to end the year strong. It's time to get ruthless about your focus — not just what you concentrate on, but what you're willing to say no to. There isn't enough time left to do everything, only enough to do what matters.

Remember this, friends: Your future is shaped by the habits you repeat, not the goals you set.

Among the factors within your control, consistency is what will decide your success. Scroll down to today’s Foundation Plans. It breaks down exactly how to build it.

- David

Million-dollar home sales spike 18%

Sales of existing homes priced at $1 million or more jumped 18% year over year in June, while sales below $250,000 were essentially unchanged. That's according to the latest update from NAR. 

Here are the key takeaways from the report

• The top end is pulling away from the rest of the market – Overall existing-home sales actually fell 2.4% month over month to a 4.09 million seasonally adjusted annual rate, even as $1 million+ sales surged.

• "Million-dollar" and "luxury" aren't the same thing – Redfin's luxury tier (top 5% by metro) saw median prices climb 4.7% to $1.37 million, versus just 1.5% growth to $377,477 for non-luxury homes — and a $1 million listing can mean very different things depending on the market.

• Cash and equity are buying flexibility – Affluent buyers with big down payments or cash on hand are proving less sensitive to rate swings, while buyers relying on conventional financing — especially near that $1 million mark — are feeling the pinch as mortgage rates hit a 2026 high.

• Local performance is uneven – Luxury prices rose 15.6% in Tampa and 14.2% in Miami, while non-luxury prices in both metros actually dipped slightly. San Francisco saw luxury pending sales jump 45.9%.

• Higher sales don't mean instant sales – The median luxury home still took 49 days to sell — five days longer than last year — so pricing and condition still matter, even in a hot upper tier.

My take

The 18% jump is great news, but don't oversell it. Overall existing-home sales actually fell 2.4% that same month, so this is really a story about where demand is concentrated, not a broad-based housing boom. Some of that increase may also reflect home-price appreciation pushing more move-up homes above the $1 million mark, not just stronger demand for traditional luxury properties. Before you use this stat with clients, check your local MLS by price tier: a $1 million home can be entry-level in one market and luxury in another. That said, in today’s housing market, luxury remains one of the strongest segments out there.

Fed holds interest rates steady in split decision

Today, the Federal Reserve at its July FOMC meeting voted 9-3 to keep rates at 3.5% to 3.75%, according to Real Estate News.

Here are the key points to know:

• The Dissenters – Cleveland's Beth Hammack, Minneapolis's Neel Kashkari, and Dallas's Lorie Logan all wanted a quarter-point hike. This is the first time since September 2016 that three policymakers have dissented in the same direction — a signal of real hawkish pressure inside the committee.

• Market reaction was rough – The Dow sank 1,153 points, and the 30-year Treasury yield hit its highest level since 2007, as investors worried the Fed isn't moving fast enough against inflation.

• Kevin Warsh's communication overhaul continues – The Fed under Warsh has dropped forward guidance entirely. June's statement ran about 130 words (down from 300+ under Powell), and today's was nearly identical apart from noting the dissents. This is causing more uncertainty regarding the Fed’s next move. 

• September is a real toss-up – With three more meetings left this year (Sept 15-16, Oct 27-28, Dec 8-9), market-implied odds of a September hike have moved from near-certain to roughly 50/50 — largely because Warsh isn't signaling anything.

• Reports to keep an eye on –  The July jobs report (Fri, Aug 7), July CPI (Wed, Aug 12), and the July Personal Consumption Expenditures (PCE) report (Wed, Aug 26). Any of these could tip the September decision. 

My take

The headline from today isn't "no cut.” It's that a hike is now genuinely back on the table. Three unified dissents, a market pricing 50/50 odds, and a chair who's intentionally withholding signals all point the same direction: this Fed is more worried about looking soft on inflation than about tightening too fast. For agents, that means the higher-for-longer financing environment could persist—and, if inflation surprises to the upside, become even more restrictive. Don't assume lower mortgage rates are just around the corner. Instead, keep a close eye on the next inflation and jobs reports, because they'll likely play a bigger role than usual in shaping both the Fed's September decision and the direction of mortgage rates.

States with the largest annual increase in foreclosure starts

In the first half of 2026, there were a total of 227,548 U.S. properties with foreclosure filings, i.e, with default notices, scheduled auctions, or bank repossessions. 

Of those, 164,566 U.S. properties actually started the foreclosure process in the first half of 2026 — up 18% from the same period a year ago and up 66% compared with the first half of 2020, according to ATTOM's Mid-Year 2026 U.S. Foreclosure Market Report.

Among states with at least 500 foreclosure starts in the first half of 2026, here are the top 10 states with the largest year-over-year increases in foreclosure starts:

1. Indiana — +36.3% (3,045 → 4,779)

2. North Carolina — +34.0% (3,465 → 5,248)

3. Alabama — +26.6% (2,466 → 3,359)

4. Mississippi — +24.6% (566 → 751)

5. Minnesota — +24.2% (2,156 → 2,844)

6. Georgia — +23.3% (6,259 → 8,164)

7. Arizona — +23.2% (3,982 → 5,186)

8. Arkansas — +17.7% (1,197 → 1,454)

9. Colorado — +16.3% (2,964 → 3,543)

10. Missouri — +14.2% (2,053 → 2,393)

For context, the states with the highest raw number of foreclosure starts in H1 2026 — regardless of growth rate — were Texas (20,739), Florida (20,358), California (16,040), Georgia (8,164), and Illinois (7,424).

My take

An 18% increase in foreclosure starts sounds alarming, but context matters. This is more a return to normal foreclosure activity than the start of a housing crisis. However, it also suggests some homeowners are feeling greater financial pressure than they were a year ago. For agents, this isn't a reason to expect a flood of distressed inventory, but it is a reminder that every market creates opportunities: you just have to know where to look. Keep an eye on local foreclosure trends and identify potential sellers before your competition does.

Schematics

The news that just missed the cut

• Questions every buyer’s agent should ask their clients

• How permanent Daylight Saving Time could affect homeowners

• How agent Leslie Carver uses YouTube to generate leads 

• This is what buyers are actually asking AI 

• Starter homes are piling up while luxury homes fly off the market

Foundation Plans

Advice from David to win the day

With the year winding down fast, I want to give you everything I can to help you finish strong. Over the next several weeks, I'm going to share some of the habits and systems that have made the biggest difference in my own career. None of them are complicated, but they've helped me stay consistent through good markets and bad.

If you can build these habits now, you'll be setting yourself up not just for a strong finish this year, but for a stronger business next year too.

1. Put everything on your calendar and follow it – A calendar only works if you actually keep track of what’s in there. High-performing agents block everything – from client appointments to family obligations – and color-code them so priorities are clear at a glance. When disruptions happen, don’t throw your schedule out the window; instead, move the block and still get it done. This kind of dynamic prioritization keeps you flexible without losing control of your day. Remember: a calendar that isn’t followed is no better than having no plan at all.

2. Keep your pipeline top of mind – The key to avoiding the feast-or-famine cycle in real estate is to maintain a consistent pipeline. One proven system is to set a minimum number of active prospects (for example, 30) and review them regularly. Successful agents run through leads in their CRM at least twice a week, update notes, assign tasks, and create an action list. When your pipeline dips below your goal, it’s a clear signal to double down on outreach. When it’s full, you can lean into nurturing. This discipline smooths out income swings and keeps deals flowing.

3. Start fresh each week – The worst way to start Monday is knowing you’re already behind. That’s why a weekly reset is so powerful. Take 30 minutes on Sunday to review the past week, identify wins and misses, and make adjustments. Look ahead at your calendar to ensure it reflects all your obligations and priorities. Finally, map out marketing tasks, client touches, and follow-ups, making sure they’re time-blocked so execution isn’t left to chance. A simple reset ensures you enter the week confident, focused, and ready to perform.

4. Track your numbers like a hawk – Productivity isn’t just about time; it’s also about tracking. Keep a running spreadsheet of your transactions, pipeline prospects, and goals, and review it consistently. The numbers give you an honest snapshot of where you stand. Good numbers can motivate you to push harder, while weaker numbers highlight exactly where you need to course-correct. Either way, clarity around your metrics ensures you never drift or lose sight of your targets.

Just in Case

Keep the latest industry data in your back pocket with today’s mortgage rates:

“You’ve gotta keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life.” — Warren Buffett

Don’t let events or other people set your agenda. Stay ruthlessly focused on your goals — your time is limited, and you only get one life. Make the most of it. Have a wonderful week.

We’ll see you back here on Friday!

- David