Protecting Rights. Expanding Access. Building Prosperity, What You Need to Know, Success Stories, and More View e-mail in browser May 12, 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. READ MORE     What You Need to Know 55% Purchasing a home is now 55% more expensive than a year ago, continuing to hammer affordability. 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. READ MORE 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. READ MORE 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. READ MORE 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. READ MORE The REALTOR® Party At Work Oklahoma City Metropolitan Association of REALTORS® Leverages Issues Mobilization Grant to Help Struggling Town Shore Up Infrastructure 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. READ More 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. READ MORE 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®. READ More 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. READ More REALTOR® Party Resources Add Community Outreach to Your Association’s Government Affairs Committee Agenda Would you like the Community Outreach team to present virtually at one of your upcoming association meetings? Leadership and staff can learn how to address affordable housing challenges, community planning and development issues, revitalization opportunities, and fair housing initiatives using Housing Opportunity, Smart Growth, Placemaking, Rural Outreach, or Fair Housing grants.  For questions or scheduling, contact Christine Windle at 202-383-1135. LEARN MORE 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. LEARN MORE 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. Questions? Contact Catherine Mesick at 202-383-7512. LEARN MORE 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. LEARN MORE

Send us examples of how your association put NAR’s REALTOR® Party resources to work to implement a successful advocacy or community outreach program. Email your stories to: realtorparty@realtors.org. See more than 300 stories documenting how REALTOR® associations around the country put REALTOR® Party Resources to work at the REALTOR® Party Success Stories page. This newsletter replaces the NAR Weekly Report for this week and the second week of every month. The REALTOR® Party News will publish next on June 9, 2022. If you missed a previous edition check out the REALTOR® Party News Archive. Headquarters: 430 North Michigan Avenue, Chicago, IL 60611 DC Office: 500 New Jersey Avenue, NW, Washington, DC 20001-2020 | 1-800-874-6500