U.S. existing-home sales dipped 0.5% month-over-month and 2.0% year-overyear to a seasonally adjusted annual rate of 4.00 million units, according to the National Association of REALTORS® (NAR). Sales increased in the Midwest, decreased in the West and Northeast, and were unchanged in the South. Yearover-year, sales were down in every region except the Northeast.

• Single Family Closed Sales were down 2.2 percent to 1,481.
• Townhouse-Condo Closed Sales were down 10.4 percent to 362.
• Adult Communities Closed Sales were down 27.9 percent to 49.

Homeownership has long been associated with a range of financial advantages—including some substantial tax breaks. Now, thanks to a sweeping new federal tax reform law signed on July 4, 2025, those benefits have become even more compelling.

Under the new law, homeowners and homebuyers can save significantly more money by deducting a larger portion of their state and local taxes (SALT), including property taxes. Whether you're already a homeowner or thinking about buying, this reform is worth your attention.

Standard vs. Itemized Deductions: What’s Changed?

When filing your federal tax return, you have two choices: take the standard deduction or itemize your expenses. For the 2025 tax year, the standard deductions are:

• $15,750 for single filers
  
  
• $31,500 for married couples filing jointly
  
  
• $23,625 for heads of household
  
  

Typically, most taxpayers use the standard deduction. But the recent reform significantly increases the SALT cap, meaning more homeowners will benefit by itemizing their deductions instead. Why? Because higher allowable deductions mean lower taxable income—and that means you keep more of your money.

Chris Coccia highlights key wins from Realtor® advocacy efforts, including the passage of the One Big Beautiful Bill Act, which brings lower income tax rates and expanded housing tax credits. With the market poised for recovery—home sales expected to rise and mortgage rates projected to dip—Realtors must stay prepared. He also breaks down New Jersey’s 2026 budget changes to the realty transfer fee, emphasizing new tax burdens on sellers in high-end markets. NCJAR continues to support members through advocacy, resources, and essential tools. Stay informed—follow NCJAR online and in your inbox.

Visit www.NCJAR.com for more updates.