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NAR CEO Nykia Wright sat down with top congressional leaders Wednesday for a series of meet-and-greets on Capitol Hill, while members of the National Association of REALTORS®’ advocacy team hosted a reception marking the relaunch of the bipartisan Congressional Real Estate Caucus in the House.
Wright and NAR Chief Advocacy Officer Shannon McGahn met with Republican and Democratic leaders, including House Speaker Mike Johnson (R-La.) and House Minority Leader Hakeem Jeffries (D-N.Y.). They discussed a range of issues from housing supply and affordability to taxes and government funding.
“Homeownership is the foundation of the American dream and one of Washington’s truly bipartisan issues,” said McGahn. “NAR members work and live in every congressional district in the country. We can serve Congress like no other organization, bringing solutions and research to policymakers who share our priority of making housing more affordable and available.”
Meanwhile, more than a dozen members of Congress and over 60 congressional staff congregated at the Rayburn House Office Building, across the street from the Capitol, to mark the kickoff event for the relaunched Real Estate Caucus. After remarks by the caucus co-chairs—Reps. Mark Alford (R-Mo.), J. Luis Correa (D-Calif.), Tracey Mann (R-Kan.) and Brittany Pettersen (D-Colo.)—NAR Deputy Chief Economist Jessica Lautz showcased research demonstrating the gravity of the housing supply crisis.
Although existing-home inventory has been rising, it is still below levels prior to the COVID-19 pandemic. NAR research shows that in 121 U.S. metro areas, housing inventory is not keeping pace with job growth.
“Home prices have appreciated by nearly 50% nationwide, which, combined with mortgage interest rates, has made housing affordability difficult for first-time buyers to obtain,” Lautz told the crowd. “Home sales in 2024 and 2023 were at the same level last seen in 1995, but we have 75 million more people in the U.S. And qualifying income to purchase the typical home in the U.S. has risen from $66,000 to $102,000 since 1995.”
“The NAR Research Group is a resource both for REALTORS® and the members of Congress who represent them,” McGahn said. “We are able to provide congressional district and state reports, State Economic Impact Reports, and a new modernized metro market report showcasing trends affecting their constituents and districts.”
The Real Estate Caucus, now composed of 55 members, has eclipsed membership levels reached during the previous Congress.
Around the country, NAR’s federal political coordinators—members who advise their elected officials in Congress on housing policy—are organizing their own series of meet-and-greets with the new class of lawmakers.
More than 30 of the in-district meetings have been scheduled so far to take place between now and May. In June, NAR will hold its annual REALTORS® Legislative Meetings in Washington, D.C., where members will have the opportunity to meet face to face with their elected leaders and discuss real estate priorities.
NAR’s advocacy team met with all 72 new members of Congress, along with key committee chairs, in the opening two weeks of the 119th Congress to advocate for the reintroduction of critical housing legislation, such as:
- The More Homes on the Market Act, which would incentivize long-term homeowners to sell their properties.
- The Revitalizing Downtowns and Main Streets Act, which would incentivize the conversion of commercial buildings into residential units or mixed-use properties.
- The Neighborhood Homes Investment Act, which would attract private investment to build and rehab owner-occupied homes.
- The Yes In My Backyard (YIMBY) Act, which would encourage state and local governments to remove barriers to housing development and implement pro-growth policies.