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Financial Freeze
Has winter come for the housing market?
#117
WELCOME
One of Frank Lloyd Wright’s largest private homes just changed hands in Tulsa, Oklahoma—a rare sale, considering he designed only three residences in the entire state. The 10,000 SF mansion, called Westhope, was originally designed for Wright’s cousin, a newspaper publisher, and stands out as the only example of his textile-block style outside of California.
After decades of leaks and delayed maintenance, the home became famous for Wright’s own comment after hearing his cousin’s complaints about the repair-prone design: “This is what we get for leaving a work of art out in the rain.”
Now, a young couple with Tulsa ties has purchased the property for $3.56 million and plans to continue its restoration, aiming to make the historic home one of the most notable architecture-driven landmarks in the region.
As the President of Coldwell Banker Affiliates, Jason Waugh’s true lane of genius is in growing, encouraging, and leading high-performance real estate teams. He approaches those relationships with curiosity first, creating conversations that invite connection and trust before shifting to business. If you’re in a leadership position—or want to move from individual contributor to the head of a successful sales team, don’t miss his advice on caring for people, running a future-focused brokerage, and protecting your brand from consolidation.
TRACK THE MARKET: From November to the New Year
As 2025 wraps up, the market is showing the same sluggish pattern agents have seen all year. Inventory is still growing slowly, buyers are taking their time to find the right property, and affordability is still tight. Homes are sitting longer than at the beginning of the year, more sellers are moving to delist instead of dropping their asking price, and many buyers are shifting toward lower-priced “refuge markets” where their money goes further.
November’s latest market numbers from Realtor show that the market isn’t frozen, but it is readjusting. And that shift is likely to shape your sales in the new year.
Here are five November stats agents should know going into year end:
Active inventory rose 12.6% YoY—the 25th consecutive month of gains—but growth has slowed for six straight months.
Homes took 64 days to sell, three days longer than last year, and November marks the 20th consecutive month of YoY slowdown.
Delistings surged 37.9% YoY, with roughly 6% of listings coming off the market each month since June—well above seasonal norms.
The median list price fell 0.4% YoY, with price-per-square-foot also dipping (-1.0%), marking continued softening in many markets.
“Refuge markets” like Grand Rapids, MI, St. Luis, Cleveland, and Milwaukee posted some of the strongest national price gains, as cost-conscious buyers moved to traditionally affordable metros.
DIVE IN
The Friday Five
📖 Profits are up. Redfin reports agent commissions are up since the new NAR rules rollout.
👀🚩🚩🚩. Josh and Tracy compare relationship red flags and mansions over martinis.
👀 Sam and Sabrina. See inside an unbelievably expensive Hawaiian mansion, NYC penthouse, Case Study home on the Las Vegas strip, and more.
💡Hit ‘reset’. Why low rates and higher wages may reset the housing market in 2026.
💡Communicating with clarity. HousingWire CEO Clayton Collins shares his advice on what news is worth sharing with buyers and sellers.
WHAT’S NEW FROM ESTATE MEDIA
Looking back on a brilliant year
Last week over Thanksgiving we took a moment to look back on everything Estate Media—and our incredible community of agents—have built together in 2025.
A few of the best highlights…
Josh and Tracy’s new YouTube show Mansions & Martinis debuted with over 1 million viewers on its first episode. 25,000+ agents tune in every week to Glennda’s Guru podcast. The Blueprint—powered by James Harris and David Parnes—continued as the #1 real estate newsletter in the industry, surpassing 3 million opens this year alone.
And Estate Media creators are record-breakers themselves. House of Celebs pulls in millions of views every week, Owning Manhattan remains a must-watch as Jeffrey St. Arromand’s audience grows, and Estate’s tour of Chad Carroll’s $28M Sunny Isles penthouse brought in 1.5 million views before selling at a record price. Josh Flagg, Tracy Tutor, Dawn McKenna, and James Harris are even taking Estate Media overseas soon—a mega milestone that makes this national reach a global one.
Behind all of it is a growing talent network of top agents and creators who keep expanding, pushing real estate media into its next phase.
Thanks for reading, watching, and following along—there’s so much more to come.
FEATURED LUXURY LISTING
TIPS & TAKEAWAYS
Loopholes you’ll love
There are three hidden tax loopholes every real estate investor should know about. If you own an investment property or are planning on buying one in 2026, tap here to scroll through a high-level overview of these tax-saving opportunities, then talk to your tax professional about applying each to your unique investment situation.
HANGS & HAPPENINGS
Inman Connect | New York City, NY | February 3 - 5, 2026
The biggest names in real estate share their secrets to success with our attendees in curated sessions that will equip you with the skills to level up.
Before we go…
ESTATE RECOMMENDED RESOURCES
📣WANT TO REACH 100K+ REAL ESTATE PROFESSIONALS RIGHT IN THEIR INBOX?
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