National Association of REALTORS® 2026 President Kevin Brown testified before the Senate Committee on Banking, Housing, and Urban Affairs on June 23, urging lawmakers to continue advancing bipartisan solutions to address the nation’s housing affordability crisis.
Speaking at a hearing titled “The Affordability Agenda,” Brown highlighted the growing challenges facing home buyers, citing NAR data showing a nationwide housing shortage of 4.7 million homes.
“Housing remains one of the largest drivers of economic growth in the country, making up more than a fifth of the U.S. economy,” Brown told senators. “But the supply of homes to purchase has collapsed. The American population has grown nearly 30% since 1995. Yet, the existing housing stock has actually dropped more than 25% from 1.58 million units in 1995 to 1.18 million units today. The median annual home sales price has skyrocketed to over $400,000, and the average age of the first-time buyer is now 40 years old.”
Brown applauded congressional leaders for advancing the bipartisan 21st Century ROAD to Housing Act, calling it one of the most significant federal housing packages in decades. He noted that the legislation includes reforms to federal housing programs, will boost housing production, and measures to help communities reduce barriers to development.
In his testimony, Brown outlined additional policy solutions for Congress, including expanding financing tools for starter homes and missing-middle housing, increasing the outdated capital gains exclusion on the sale of a primary residence to encourage more homeowners to sell, strengthening pathways to homeownership through down payment assistance, and credit scoring modernization.
“REALTORS® [members of NAR] look forward to working with Congress on additional reforms and policies, such as the More Homes on the Market Act, a bipartisan bill that would double the capital gains exclusion thresholds on a primary residence for the first time in nearly 30 years while adjusting the caps to reflect future inflation,” Brown said.
NAR has led efforts across the country to support local housing development, stressing that federal, state and local collaboration will be essential to restoring affordability and expanding homeownership opportunities for future generations.
"The American dream is slipping away for too many families," says NAR Chief Advocacy Officer and Executive Vice President Shannon McGahn. “Housing affordability touches every community in America. Coordination across all levels of government is essential to closing the housing supply gap and ensuring the dream of homeownership remains within reach for all Americans.”
