Industry News
The NAR Research team is a resource for REALTORS®, policymakers, and the public. Our skilled economists produce and analyze a wide range of data, providing the best resources and information on real estate.
- Congressional District and State Reports, State Economic Impact Reports, and Local Market Reports provide data on housing and real estate trends affecting states and localities, and demonstrate the benefits of homeownership and income generated by home sales in local economies.
- Reports on home buying by generations, income levels, and demographic groups analyze market trends and show how homeownership can be a catalyst to building generational wealth.
Homeownership is a cornerstone of the American dream, but it remains out of reach for many due to the nation’s severely limited housing inventory. The United States is currently facing an underbuilding gap of 5.5 million units, equating to a staggering $4.4 trillion underinvestment in housing. To bridge this gap and make homeownership accessible to more people, we must take decisive action to increase the housing supply.
The Role of Tax Policy in Promoting Homeownership
America’s tax laws play a crucial role in promoting homeownership, building stable communities, and boosting economic growth. The National Association of Realtors (NAR) is championing several bipartisan tax bills designed to address these challenges and provide effective solutions. Here’s a look at the key legislative initiatives NAR is advocating for:
1. The More Homes on the Market Act (H.R. 1321)
Innovative tech showcases and networking opportunities await at iOi Summit in Chicago
CHICAGO (May 13, 2024) – The National Association of Realtors® today opened applications for the “Pitch Battle” competition taking place at the 2024 Innovation, Opportunity & Investment (iOi) Summit(link is external), the premier event for real estate technology. The sixth annual iOi Summit will take place August 28-29 in Chicago, Illinois.
The Pitch Battle competition, presented by NAR’s venture capital arm Second Century Ventures(link is external), provides a distinctive platform for real estate startups to demonstrate innovative solutions to leading investors, real estate professionals and technology enthusiasts.
“NAR is committed to fostering innovation in the real estate industry, and the Pitch Battle competition is an excellent opportunity for startups to shine,” said Alex Lange, NAR vice president, strategy and innovation. “Companies can showcase their forward-thinking solutions while receiving invaluable exposure and feedback from influential investors, practitioners and tech experts.”
In April, existing-home sales experienced a slight decline across the United States, as reported by the National Association of REALTORS® (NAR). All four major U.S. regions saw month-over-month decreases. However, the West was the only region to post a year-over-year increase in sales.
National Overview
Total existing-home sales, which include single-family homes, townhomes, condominiums, and co-ops, dropped by 1.9% from March, reaching a seasonally adjusted annual rate of 4.14 million in April. Compared to April 2023, sales also fell by 1.9%, down from 4.22 million.
NAR Chief Economist Lawrence Yun noted, "Home sales changed little overall, but the upper-end market is experiencing a sizable gain due to more supply coming onto the market."
Inventory and Prices
At the end of April, total housing inventory rose to 1.21 million units, a 9% increase from March and a significant 16.3% rise from the previous year. The unsold inventory now represents a 3.5-month supply at the current sales pace, compared to 3.2 months in March and 3.0 months in April 2023. Notably, for homes priced at $1 million or more, both inventory and sales saw substantial increases of 34% and 40%, respectively, from a year ago.
More Articles …
- The Independent Contractor Status of REALTORS® Under Legal and Legislative Scrutiny
- Eight Innovative Startups Selected for Second Annual REACH LATAM Cohort
- Applications Now Open for the 2024 REACH Commercial Program by Second Century Ventures
- 2024 Realtors® Legislative Meetings - Registration is Now Open