Industry News
At midnight on September 30, Congress failed to approve funding for government operations, triggering a partial government shutdown. While not every federal program is affected, several housing and mortgage-related programs are being suspended or slowed. Here’s a summary of how key agencies and programs may impact your business and clients during this period.
Environmental Protection Agency (EPA)
Most EPA employees are furloughed. This affects regulatory programs like wetlands determinations under the 404 program and enforcement of lead-based paint disclosure and renovation, repair, and painting rules.
NAR Staff Contact: Russell Riggs –
U.S. Department of Housing and Urban Development (HUD)
HUD’s contingency plan allows some housing programs to continue, though many are reduced:
The latest Existing-Home Sales Report from the National Association of REALTORS® (NAR) shows that home sales remained largely unchanged in August, dipping just 0.2% month-over-month to a seasonally adjusted annual rate of 4.0 million units. While sales were steady, trends in inventory, pricing, and mortgage rates reveal important signals for both REALTORS® and their clients.
Key Highlights
Month-Over-Month (August vs. July)
- Sales: Down 0.2% to 4.0 million units (SAAR).
- Inventory: Down 1.3% to 1.53 million units, equal to 4.6 months’ supply.
Year-Over-Year (August 2025 vs. August 2024)
- Sales: Up 1.8%.
- Median Price: Rose 2.0% to $422,600, marking the 26th consecutive month of annual price increases.
National Snapshot
- Total Sales: 4.0 million (SAAR), up 1.8% year-over-year.
WASHINGTON (August 21, 2025) – The latest NAR Existing-Home Sales Report shows signs of renewed energy in the market. Nationally, sales rose 2.0% in July, with inventory and affordability conditions giving buyers more options than they’ve had in recent years.
For NCJAR members, these numbers offer talking points for client conversations and insights into where opportunities are emerging.
Key Takeaways for Your Business
- More Buyers Entering the Market: Existing-home sales are up 2.0% month-over-month and 0.8% year-over-year. This growth reflects improving affordability as wage increases begin to outpace home price growth.
- Inventory at Highest Since 2020: With 1.55 million homes on the market nationwide, buyers have more choices — and REALTORS® have more opportunities to match clients with the right property.
- Prices Holding Steady: The national median home price edged up just 0.2% to $422,400, suggesting a balanced market where negotiation is back on the table.
NAR Chief Economist Lawrence Yun summed it up: “Homebuyers are in the best position in more than five years to find the right home and negotiate for a better price.”
The latest data from the National Association of REALTORS® offers a nuanced look at the state of the U.S. housing market—and what it means for buyers, sellers, and REALTORS® alike. As market conditions evolve, staying informed allows you to better serve your clients and navigate your next transaction with confidence. Here’s what stood out in May’s report.
Sales Climb Month-Over-Month, but Remain Soft Year-Over-Year
- Existing-home sales rose 0.8% in May, reaching a seasonally adjusted annual rate (SAAR) of 4.03 million units.
- Despite this monthly gain, sales were down 0.7% compared to May 2024.
Economists attribute the muted overall pace to elevated mortgage rates. According to NAR Chief Economist Lawrence Yun, “Lower interest rates will attract more buyers and sellers to the housing market. Increasing participation will drive economic growth.”
Inventory Rises, Offering Relief for Buyers
- Total housing inventory climbed to 1.54 million units, a 6.2% jump from April and a notable 20.3% increase from one year ago.
- This translates to a 4.6-month supply—up from 3.8 months in May 2024.
This increase in inventory suggests a more favorable environment for buyers, with more options and slightly more breathing room in negotiations.
