REALTOR Party News – May 2022

Protecting Rights. Expanding Access. Building Prosperity.

For the first time in three years, thousands of REALTORS® descended on the nation’s capital last week to discuss the pressing issues impacting real estate and take our message to lawmakers on Capitol Hill. Read more about the highlights of the 2022 REALTORS® Legislative Meetings.
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55%

Purchasing a home is now 55% more expensive than a year ago. As NAR Chief Economist Lawrence Yun told attendees at the 2022 REALTORS® Legislative Meetings, although wages are improving, they are “wiped away” by inflation. “Wages have risen by 6% from one year ago, and that’s good news, but inflation is at 8.5%,” he said.
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20

The Federal Reserve voted on May 4 to raise its target short-term federal funds rate by a half point. That marks the largest increase in the Fed’s rate in more than 20 years and suggests higher mortgage rates will follow. Already, rates have increased nearly two percentage points since the beginning of the year, increasing the cost of monthly mortgage payments by hundreds of dollars.
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70%

Amid rising mortgage rates and a decline in home sales, 70% of 185 metro areas recorded a double-digit annual increase in their median single-family existing-home sales price. These increases come as median single-family existing-home prices rose at a faster rate nationally – 15.7% – from one year ago, up to $368,200.
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60%

The number of people entering a career in real estate between 2020 and 2021 increased by 60% compared to the two years prior, The New York Times reports. From January 2021 to January 2022, the top trending career search entry was “how to become a real estate agent,” according to Google searches.
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Maine Association of REALTORS® Taps Into REALTOR® Party Resources to Defeat Impact Fee on Vacant Residential Properties

When a small, incorporated town within the Oklahoma City limits was being left behind by the surrounding competitive real estate market, the Oklahoma City Metropolitan Association of REALTORS® used an Issues Mobilization Grant from the REALTOR® Party to help secure two new bond packages to improve drainage, streets, sidewalks, and parks.
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Maine Association of REALTORS® Taps Into REALTOR® Party Resources to Defeat Impact Fee on Vacant Residential Properties

In Maine, also known as “Vacationland,” second homes abound – many of which can go unused for full seasons. At its annual REALTOR® Day Rally, the Maine Association of REALTORS® focused attention on proposed legislation that threatened to tax vacant residential properties. With help from an Issues Mobilization Grant and the Advocacy Everywhere program, their message led Maine legislators to oppose the bill and prevent its enactment.
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Land of the Sky Association of REALTORS® Dispels Common Misconceptions About Short-Term Rentals Through Data-Driven Public Awareness Campaign

With support from a REALTOR® Party Consumer Advocacy Grant, the Land of the Sky Association of REALTORS® in western North Carolina is educating consumers on the economic benefits of short-term rentals, using findings of joint studies they commissioned last summer with funding from an Issues Mobilization Grant from the North Carolina Association of REALTORS®.
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Northern Virginia Association of REALTORS® Brings Community Together Through Gardening

The Northern Virginia Association of REALTORS® (NVAR) partnered with local agencies and government officials to bring an innovative community garden project to southern Fairfax County with the help of a REALTOR® Party Placemaking Grant. The community garden will be used to teach small-scale sustainable gardening skills to neighborhood families at the new Lee District Community Center.
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JUST RELEASED: New Toolkit Helps Associations Engage in Fair Housing Initiatives

Take action. Educate the community. Help strengthen your members’ commitment to offering equal professional service to all. NAR’s new Fair Housing Toolkit details how fair housing grants can support a variety of initiatives that help state and local associations uphold fair housing laws, strengthen REALTORS®’ commitment to equal professional service, and help create diverse, inclusive communities.
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On Common Ground: Sustainability and Climate Risk

The latest issue of On Common Ground details how towns have recovered from extreme weather, implementing state-of-the-art building techniques and preventative measures to protect communities and property investment. Read on our website or the OCG APP (Apple) (Google Play). More than 35,000 copies will also be distributed to state and local associations and elected officials. Contact Catherine Mesick to be added to the list.

Questions? Contact Hugh Morris at 202-383-1278.
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Placemaking Projects Benefit Your Community and Your Association

Placemaking projects create gathering spots, build relationships with public officials, bolster REALTOR® pride, and benefit your members by boosting business in your communities. Bring these wins to your association by applying for a Placemaking Grant, and make your community a better place.

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Drive With NAR: Joining the Frontlines to Fight for Property Rights

In the latest episode of Drive With NAR, two REALTORS® who have walked the halls of Capitol Hill and in their home state of Illinois offer advice on how real estate professionals can get involved in advocacy and move the needle on crucial industry issues. Dan Wagner is senior vice president of government relations at The Inland Real Estate Group of Companies Inc. in Oak Brook, Ill., and Nykea Pippion McGriff is vice president of strategic growth for Coldwell Banker Realty in Chicago and a candidate for Illinois’ First Congressional District.
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