The National Association of Realtors (NAR) on Tuesday released a new interactive tool that aims to give members monthly insights into housing affordability, home-price trends and economic indicators at the metro level.
The tool, known as the Market Statistics Dashboard, is available exclusively to NAR members. According to the trade group, the dashboard includes localized data on housing affordability, sales trends, home prices and demographic patterns, as well as forward-looking analysis tied to mortgage rate scenarios.
“The new Dashboard is a tool that enables NAR members to stay ahead of the market and better serve their clients,” NAR chief economist Lawrence Yun said in a statement. “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.”
The dashboard will be updated each month and is intended to help members monitor fluctuations in affordability and market activity.
Among its features is a projection of how many U.S. households could afford a median-priced home if mortgage rates decline to 6%.
According to NAR’s analysis, a drop in rates to 6% would result in approximately 5.5 million additional households — 1.6 million of whom are currently renters — qualifying to purchase a median-priced home.
NAR estimates that roughly 10% of these households could move to buy within 12 to 18 months of such a rate decline.
The 30-year mortgage rate is projected to average 6.7% in 2025 and decline to 6% by 2026.
Cities anticipated to experience the largest boosts in home sales if rates fall to 6% include Atlanta, Dallas, Minneapolis, Cleveland and Kansas City.
Yun is scheduled to demonstrate the dashboard and present his midyear economic and housing outlook during NAR’s Forecast Summit webinar at 2 p.m. ET on Wednesday, July 16.
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