The monthly mortgage payment on a $400,000 loan is about $2,470 compared to $1,660 a year ago, according to NAR.

Leslie Rouda Smith, the association’s president, joins administration officials and other housing leaders to discuss a comprehensive plan to address shortages.

Still, homeowners are faring well, with property prices surging despite a pullback in buyer demand, says NAR’s chief economist.

Despite an unexpected jump in new construction in September, demand for new homes is falling due to high prices and mortgage rates. Builders are lowering their asks to boost buyer traffic.

NAR Spire pairs real estate pros in underserved areas with experienced practitioners to help them find new business opportunities.