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A quick look at the U.S. housing market earlier this winter indicated some cooling from the early days of the pandemic. In February, the National Association of REALTORS® (NAR) reported that existing home sales were down 7.2%. This came on the heels of a 5.7% month-over-month drop in January, as limited inventory and rising mortgage rates continued to hamstring affordability.

Much of NAR’s advocacy efforts are focused on these persisting, nationwide supply constraints. Fortunately, $25 billion for affordable housing production was recently secured in legislation moving through Congress, as was $1.75 billion in grants for other key inventory-related priorities, like zoning reform.