Federal Policy Update: June 28th, 2023
Posted on 06/28/2023
House Passes Association Health Plan Bill
On June 21, 2023, the U.S. House of Representatives passed by a party-line vote of 220-209, H.R. 3799, the CHOICE Arrangement Act. The bill includes the NAR-supported Association Health Plans Act, which would expand access to association health plans (AHPs) to more Americans, including the self-employed workers of the real estate industry. According to the Congressional Budget Office, upon implementation, these provisions could increase the number of people with health insurance purchased through association plans by an average of 200,000 per year. NAR sent a letter of support for the AHP Act and will continue to advocate on behalf of members as this legislation now moves to the Senate for consideration.
NAR: We’re Committed to Ending Discrimination in Real Estate
In response to an Inman column Tuesday questioning the National Association of REALTORS®’ response to discriminatory practices, NAR CEO Bob Goldberg defended the group’s track record. The connection between race and real estate throughout our country’s history is undeniable and remains a key factor in current racial wealth gaps. In recognition of this fact, NAR consistently advocates at the federal level for strong fair housing and fair lending enforcement, as well as for federal policy that will help close homeownership gaps among demographic groups. Read More…
New NAR Research: REALTORS Confidence Index
This report, released June 22, 2023 is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. This report presents key results about market transactions. Download the Report
Key Highlights:
- With supply still limited relative to demand, 31% of homes sold above list price, down slightly from 33% last month but down from 55% a year ago.
- 74% of respondents reported that properties sold in less than one month. Essentially flat from 73% a month ago and down from 88% in May 2022.
- Homes listed received an average of 3.3 offers, up slightly from 3.1 last month and down from 4.2 offers in May 2022.
- First-time buyers represented 28% of buyers, virtually flat from April 2023 and May 2022.
- 25% of buyers had all-cash sales, down slightly from 28% last month and unchanged from May 2022.
Legislative Activity Important to Real Estate This Week
Hearings/Markups
Wednesday, June 21
House Education and the Workforce, Health, Employment, Labor, and Pensions Subcommittee Hearing:
Competition and Transparency: The Pathway Forward for a Stronger Health Care Market
House Financial Services, Housing and Insurance Subcommittee Hearing:
HUD Oversight: Testimony of the HUD Inspector General
*Schedule is subject to change.