The National Association of Realtors (NAR) introduced the NAR Market Statistics Dashboard, an exclusive tool for its members. This new dashboard aims to provide realtors with detailed local housing data to better assist clients in buying and selling homes.
"The new Dashboard is a tool that enables NAR members to stay ahead of the market and better serve their clients. Using exclusive NAR data, the Dashboard is a one-stop-shop that equips members with insights into shifts in affordability, demand, and the economy. This allows agents who are Realtors to advocate on behalf of their clients with confidence and achieve better outcomes," said Lawrence Yun, NAR chief economist.
This interactive tool is updated monthly and includes information such as housing affordability, sales trends, home pricing changes, economic indicators, and demographic insights. Additionally, it offers forward-looking analysis about potential mortgage rate impacts on household purchasing power.
According to the analysis, if mortgage rates drop to 6%, an additional 5.5 million households could afford a median-priced home. Of these households, around 10% are expected to buy within 12 to 18 months following any rate decline.
The affordability gains are anticipated to support increased housing activity. Projections indicate a rise in home sales by 3% in 2025 and by 14% in 2026. Home prices are also expected to climb by 1% in 2025 and by 4% in 2026. The average mortgage rate for a 30-year term is projected at 6.7% for next year and potentially dropping to an average of 6.0% in the following year.
Cities such as Atlanta, Dallas, Minneapolis, Cleveland, and Kansas City might experience significant growth in home sales activity should rates decrease.
Dr. Lawrence Yun will present the new dashboard during a webinar on July 16th where he will also discuss his midyear forecast regarding the economy and housing market.
Realtors can access this member-exclusive dashboard online.
The National Association of Realtors plays a role across various facets of residential and commercial real estate industries.
