NAR: Housing Sector Feels Strain of Shutdown

 By Ross Hettervig

Real estate buyers and sellers are facing increasing uncertainty and delays. The wider economic impact will be significant if Congress doesn’t come together, NAR said.

WASHINGTON -- With the federal government shutdown closing in on its third week, the impacts on home buyers, sellers and the real estate economy as a whole continue to grow.

Flood insurance gaps

Following a lapse in authority on Sept. 30, the National Flood Insurance Program (NFIP) is currently unable to write new policies for homeowners and for those purchasing homes in the high-risk floodplain. However, as Realtor® Magazine has previously reported, existing policies remain active and transferable, with a 30-day grace period for renewal.

Most lenders also suspend the flood insurance requirement during a lapse, reducing the impact on home sales for the first few weeks. But as the 30-day mark for the shutdown creeps closer, many policies issued in October could begin to expire, leaving homeowners and buyers exposed in the midst of hurricane season as fewer active policies become available to transfer, and depending on the availability of private flood insurance options. This only compounds the uncertainty and hardship if the lapse continues into November.

Impacts on rural and other lending programs

It was also reported by Samantha Delouya of CNN that USDA-backed loans have been held up due to the shutdown. The U.S. Department of Agriculture “offers Americans in rural areas and small towns zero down-payment mortgage financing in areas where private lending is often limited,” according to NAR.

Additionally, the shutdown could delay IRS income verification and create bottlenecks in FHA and VA loan processing, potentially slowing or even halting transactions across the country.

“NAR continues to urge Congress to pass a clean, bipartisan continuing resolution or long-term funding bill to reopen the government,” says NAR Executive Vice President and Chief Advocacy Officer Shannon McGahn. “Every day the shutdown continues, thousands of Americans face uncertainty, whether they can close on their dream home, access flood protection, or count on the economic stability that a functioning government provides. The longer the shutdown continue, the greater the strain on families, businesses and the overall economy.”

A hit to local economies

Beyond the direct impact on individual homeowners and buyers, complications and delays to closings may have additional adverse economic effects on local communities. NAR research shows that the median home sale generates around $125,000 of economic impact, adding that “the housing market is not just a sector of the economy but a significant force driving economic activity.”

© 2025 National Association of Realtors® (NAR)

29% of U.S. Home Purchases Are Made in Cash

 Published on October 17th, 2025 by Dana Anderson

• 29% of U.S. homebuyers are paying in cash, down essentially unchanged from last year and down from a peak of nearly 35% two years ago due to declining mortgage rates. 
• The typical down payment is climbing, partly because in today’s expensive market, many buyers are affluent. It now sits at a record $70,000, and in percent terms, it’s 19%—up slightly from last year. 
• All-cash payments are most common in Florida, and down payments are biggest in the Bay Area and Southern California. 

Just under three in 10 (28.8%) U.S. homebuyers paid in all cash in August, down just incrementally from 29% a year earlier. 

The data in this report is from a Redfin analysis of county records across 40 of the most populous U.S. metropolitan areas. August 2025 is the most recent month for which data is available. Down-payment data is limited to home purchases for which buyers took out a mortgage. An all-cash purchase is one in which there is no mortgage loan information on the deed.

The prevalence of all-cash payments peaked at nearly 35% in late 2023 and early 2024 because mortgage rates peaked in the high-7% range during that time. Buyers were inclined to pay in cash–if they could afford it–to avoid high monthly interest payments. 

When mortgage rates came down from that peak, all-cash payments became less common, as lower rates mean lower interest payments. Another reason the share of buyers paying in cash has declined from its peak: this past summer was the strongest buyer’s market in over a decade, and a less competitive market means fewer buyers have to pay cash to beat out other bidders. 

While the share of buyers paying cash has declined from its high point, it is essentially unchanged from last year. That’s largely because mortgage rates were sitting between 6.5% and 6.6% in August, mostly flat from a year before, keeping interest payments the same. 

Fewer all-cash buyers can be good news for house hunters who don’t have the means to purchase a home without a loan, especially when paired with the fact that buyers in most markets hold negotiating power. Now that rates have declined a bit more to a weekly average of 6.27%, we may see all-cash purchases become even less common. 

“First-time buyers have more opportunities than they did when the market was hot; they’re no longer competing against 10 other offers from people who are either paying in cash or shelling out a 50% down payment,” said Kathy Scott, a Redfin Premier agent in Phoenix. “House hunters are able to take a breath and think more clearly about where they want to live and what type of house they want. When they find it, they can make an offer they feel comfortable with, even if it’s below the asking price, and there’s a real chance the seller will accept. Home prices may dip a bit in the next year or so, but now is a great time to start building equity if you’re planning to stay in your new home for five to 10 years.”

Median Down Payment, in Dollars, Hits Record High

 

The typical U.S. homebuyer’s down payment was $70,000 in August, up 6.1% year over year to the highest dollar amount ever. 

In percentage terms, the typical homebuyer’s down payment was equal to 18.6% of the purchase price, up from 17.8% a year earlier and the highest August level since 2013. 

Down payments are rising in dollars largely because home prices are rising; when homes cost more, buyers need to put down more money.  But higher prices aren’t the only reason: Home prices are up roughly 2% year over year, and down payments are up 6%. Down-payment growth is outpacing home-price growth mainly because when housing costs are high, like they are now, affluent people with the means to make bigger down payments are more likely to buy homes. It’s also likely that some wealthy Americans are making large down payments rather than paying cash as mortgage rates gradually decline. 

There are a few reasons why down payments are rising in percent terms. One is similar to the reason mentioned above: Many of the people buying homes today are affluent, meaning they’re able to make larger down payments. They’re more likely to make big down payments when mortgage rates are fairly high, like they are now, to save money on interest payments down the line. Similarly, many of the people purchasing homes are move-up buyers who are able to roll over sizable equity from their previous home into a down payment. And with rates high and affordability tight, some lenders prefer bigger down payments to mitigate risks. 

“With the housing market in a downturn, the people who are buying are those who are  financially comfortable, secure in their jobs, and have money ready and waiting  in the bank for a down payment,” said Andrew Vallejo, a Redfin Premier agent in Austin, TX. “For example, a few months ago I helped a buyer close on an $800,000 home with a 50% down payment. They were able to liquidate stocks to make a $400,000 down payment without thinking about it too much, and now their monthly payments are lower.”

But Redfin agents note the slow market is also having the opposite effect for some buyers, in terms of down payments. Some first-time buyers only have a small amount, maybe $10,000 or $15,000, for a down payment. That would have been unlikely to work several years ago, when the market was red hot. But now, some buyers are able to get lower-priced homes with lower down payments with little or no competition. 

Metro-Level Highlights

 

The data below is from August 2025, the most recent month for which data is available. It covers 40 of the most populous U.S. metro areas. 

All Cash

• All-cash purchases were most prevalent in West Palm Beach, where 43.4% of all home purchases were in cash. Next come Cleveland (42.1%) and Miami (39.2%). 
• They were least prevalent in pricey West Coast metros: Oakland, CA (18.8%), San Jose, CA (19.1%) and Seattle (20.5%). 
• The share of homes purchased in cash rose in roughly half the metros in this analysis, with the biggest increases in Baltimore, Riverside, CA and Providence, RI. 
• The share declined most in Milwaukee, New York and Cincinnati. 

Down Payments

• In dollars, down payments were biggest in California: The median was $408,000 in San Jose, the  most of any metro in this analysis, $400,000 in San Francisco, and $300,000 in Anaheim. They were smallest in Virginia Beach, VA ($9,000), Pittsburgh ($23,000) and Cleveland ($27,000). 
• In dollars, down payments rose year over year in roughly half the metros in this analysis, with the biggest increases in Providence, RI, Chicago and Washington, D.C.. The biggest declines were in Riverside, CA, Seattle and Denver (-9.5%). 
• In percent terms, California also takes the cake in terms of biggest down payments. The typical buyer put 25% down in Anaheim, San Francisco and San Jose. Percentages were smallest in Virginia Beach (3%), Las Vegas (9.4%) and Tampa, FL (9.8%). 
• In percent terms, down payments rose in 28 of the  metros in this analysis. The biggest increases were in Providence,  Orlando, FL, and Columbus, OH. The biggest declines were in Miami, Denver, and Warren, MI.

Dana Anderson

As a data journalist at Redfin, Dana Anderson writes about the numbers behind real estate trends. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our Why Redfin page.

 Email Dana

Florida is the nation's top state for talent attraction

 Written by Lightcast Press Office

Lightcast Releases 2025 Talent Attraction Scorecard - Celebrating a Decade of Talent Development Insights

September 15, 2025 - Florida has solidified its position as the nation's top state for talent attraction, with Texas close behind at No. 2, according to Lightcast's 2025 Talent Attraction Scorecard—marking a decade since the company first began tracking these critical workforce migration patterns.

This 10th anniversary edition reveals that the Sunbelt and Mountain West continue their dominance in attracting workers, with eight of the top 10 states located in these regions. Wyoming leapfrogged into the top 5 at No. 4, joining neighboring Idaho at No. 3, while Nevada, Arizona, Utah, and Montana round out the top 10 alongside the District of Columbia and Delaware.

"A decade ago, talent attraction was emerging as a new concept in economic development," said Josh Wright, Executive Vice President of Growth at Lightcast. "Today, it's become the foundation of regional competitiveness. With demographic shifts, remote work, and evolving worker preferences reshaping the landscape, data-driven talent strategies aren't just helpful—they're essential for community survival and growth."

Lightcast will be presenting this data tomorrow at the International Economic Development Council (IEDC) Annual Conference in Detroit, offering attendees an inside look at the newest trends shaping US talent mobility. Wright will be joined by Cecelia Thompson, Executive Director at Action Greensboro, to share new findings on migration, education, and job growth trends—and how to turn those insights into action. The session will be held at 1:30 pm on Tuesday, September 16. 

Texas and Florida Lead Metropolitan Rankings

The dominance of Texas and Florida extends to the metropolitan level, where these two states claim eight of the top 10 large metropolitan statistical areas (MSAs). Texas claims three spots with Dallas-Fort Worth at No. 1, Austin at No. 2, and Houston at No. 6. Florida claims all seven of the remaining top 10.

Six Key Trends Shaping 2025 Workforce Migration

This year's scorecard identifies six critical trends driving talent attraction:

1. Sunbelt and Mountain West Dominance: Nineteen of the top 20 large metros are located in the Sunbelt, with only three of the top 50 metros of any size located outside these regions.

2. Retirement Destinations Face Mixed Outcomes: Communities like The Villages, Florida (#1 mid-sized metro) benefit from retiree influx but face long-term workforce risks as populations age.

3. Remote Work Transforms Competition: With 14% of workers now remote nationally—reaching 28% in places like Boulder, Colorado—communities must attract individuals, not just employers.

4. Blue-Collar Worker Shortages: Fast-growing regions struggle to fill essential trades positions despite overall population growth, creating infrastructure and housing development bottlenecks.

5. Tech Jobs Drive Diversification: Emerging tech hubs like Miami and Raleigh outperform traditional centers like San Francisco and Seattle in talent attraction.

6. Anchor Institution Risks: While universities, hospitals, and military bases attract talent, over-reliance creates vulnerability to closures or downsizing.

https://lightcast.io/resources/blog/lightcast-releases-2025-talent-attraction-scorecard    

About Lightcast

Lightcast is the global leader in labor market intelligence, empowering smarter decisions for businesses, education institutions, and governments worldwide. With the world’s most comprehensive database—spanning over 3 billion job postings, 500 million career profiles, and more than 100 government sources—Lightcast delivers unparalleled insight into skills, jobs, companies, professional profiles, and workforce trends across 165 countries. Our proprietary taxonomies, advanced AI, and expert guidance transform complex data into clear, actionable intelligence.

Lightcast has offices in the United States, United Kingdom, Canada, Italy, New Zealand, and India. Learn more at lightcast.io

U.S. home prices fell 0.1% in July but rose 2.3% year over year

 September 30, 2025

U.S. home prices fell 0.1% in July but rose 2.3% year over year. In the South Atlantic division, prices were flat monthly, up 0.8% annually.

WASHINGTON — U.S. house prices fell 0.1% in July, according to the U.S. Federal Housing seasonally adjusted monthly House Price Index (FHFA HPI). House prices rose 2.3% from July 2024 to July 2025. The previously reported 0.2% price decline in June remained unchanged.

For the nine census divisions, seasonally adjusted monthly home price changes ranged from -1.2% in the Middle Atlantic division to +0.3% in the East North Central division. The 12-month changes were all positive, ranging from +0.2% in the Pacific division to +5.1% in the Middle Atlantic division.

In the South Atlantic division, which includes Florida, the seasonally adjusted monthly home price did not change, but increased 0.8% year over year.

The FHFA HPI is a comprehensive collection of publicly available house price indexes that measure changes in single-family home values based on data that extend back to the mid-1970s from all 50 states and over 400 American cities. It incorporates tens of millions of home sales and offers insights about house price changes at the national, census division, state, metro area, county, ZIP code and census tract levels. FHFA uses a fully transparent methodology based upon a weighted, repeat-sales statistical technique to analyze house price transaction data.

FHFA releases HPI data and reports quarterly and monthly. The flagship FHFA HPI uses seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac. Additional indexes use other data, including refinances, mortgages insured by the Federal Housing Administration, and real property records.

Source: FHFA

Florida’s August Housing Market: New Pending Sales Up

 September 23, 2025

Chief Economist O’Connor: New pending sales for both existing single-family homes and for condos-townhouses rose year-to-year likely due to falling mortgage rates last month.

ORLANDO, Fla. — Florida’s housing market in August continued trends from the past several months with one notable exception: New pending sales — essentially the number of homes for sale that went under contract — were up significantly year-over-year, according to Florida Realtors®’ latest housing report.

In particular, new pending sales of single-family homes were up by 9.9% compared to August of last year, their largest year-over-year increase since last November when they were up by almost 13%, said Florida Realtors Chief Economist Dr. Brad O’Connor. Prior to that time, “you’d have to go back to early 2021 to see similar year-to-year growth,” he said.

Meanwhile, new pending sales of condos and townhouses were up 4.9% in August compared to a year ago, the first time this property type has experienced positive year-over-year new pending sales growth in any month since October of 2023, he noted, and only the second time since November of 2021.

“The most likely reason we saw such an uptick in new contracts in August is that mortgage rates fell to yearly lows early in the month and fell even further late in the month,” O’Connor said. “Rates have continued to decline in September, so it will be interesting to see if even more buyers put homes under contract this month.”

“The Florida real estate market is dynamic and the demand for housing in the Sunshine State will continue grow as time continues,” said 2025 Florida Realtors® President Tim Weisheyer, broker-owner, Dream Builders Realty and dbrCommercial Real Estate Services in Central Florida. As the United States’ economy continues to stabilize, the Federal Reserve continues to make rate adjustments and people continue to move to Florida we will see the competitiveness of the marketplace evolve.

“Every community is different, and every transaction carries unique challenges. That’s why working with a local Realtor® matters. Realtors not only bring their expertise to help you navigate pricing, inventory, and negotiations, but they also advocate for your best interests at every step. In a market where conditions can change quickly, that knowledge and guidance provide real confidence.”

Last month, closed sales of existing single-family homes statewide totaled 21,798, down 3.9% year-over-year, while existing condo-townhouse sales totaled 7,424, down 6% over August 2024, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

While closed sales were down year-over-year, O’Connor pointed out, “With new pending sales rising year over year in August, there’s reason to be optimistic that closings could be up over the next month or two, as well.

The statewide median sales price for single-family existing homes in August was $410,000, down 0.4% compared to a year ago, while the statewide median price for condo-townhouse units was $290,000, down 6.5% from August 2024. The median is the midpoint; half the homes sold for more, half for less.

On the supply side of the market, single-family existing homes were at a 5.3-months’ supply in last month, while condo-townhouse properties were at a 9.3-months’ supply.

Summarizing August’s data, O’Connor said, “Most of what we saw was similar to the trends we’ve observed throughout the summer and late spring: Modest declines in home prices, particularly on the condo side, along with mild declines in closed sales and fewer new listings than a year ago, as well. Inventory growth seems to be leveling out or at least slowing down once seasonality is accounted for. That leaves the pop in new pending sales as the big story for this month, thanks to falling mortgage rates.”

© Florida Realtors®

In the South, pending home sales dipped 0.1% in July but rose 1.8% year-over-year

August 28, 2025

 WASHINGTON — Pending home sales decreased by 0.4% in July from the prior month and rose 0.7% year-over-year, according to the National Association of Realtors® Pending Home Sales report. The report provides the real estate ecosystem, including agents and homebuyers and sellers, with data on the level of home sales under contract.

Pending sales declined month-over-month in the Northeast and Midwest, held essentially flat in the South, and rose in the West. Year-over-year, sales decreased in the Northeast and West but increased in the Midwest and South. July’s Realtor® Confidence Index survey shows that 16% of NAR members expect an increase in buyer traffic over the next three months, unchanged from one year ago. Meanwhile, 21% expect an increase in seller traffic, up from 17% in July 2024.

“Even with modest improvements in mortgage rates, housing affordability, and inventory, buyers still remain hesitant,” said NAR Chief Economist Lawrence Yun. “Buying a home is often the most expensive purchase people will make in their lives. This means that going under contract is not a decision homebuyers make quickly. Instead, people take their time to ensure the timing and home are right for them.”

“Rising mortgage applications for home purchase are an early indicator of more serious buyers in the marketplace, though many have not yet committed to a pending contract. The Federal Reserve signaling that they may enact a lower interest rate policy should steadily enlarge the pool of eligible homebuyers in the upcoming months.”

July 2025 national pending home sales

• 0.4% decrease month-over-month
• 0.7% increase year-over-year

July 2025 regional pending home sales

Northeast

0.6% decrease month-over-month

0.6% decrease year-over-year

Midwest

4.0% decrease month-over-month

1.3% increase year-over-year

South

0.1% decrease month-over-month

1.8% increase year-over-year

West

3.7% increase month-over-month

1.9% decrease year-over-year

The percent of change in pending home sales is based on the Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on home-contract signings. An index of 100 is equal to the level of contract activity in 2001.

The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

Pending contracts are good early indicators of upcoming sales closings. However, the amount of time between pending contracts and completed sales is not identical for all home sales. Variations in the length of the process from pending contract to closed sale can be caused by issues such as buyer difficulties with obtaining mortgage financing, home inspection problems, or appraisal issues.

The index is based on a sample that covers about 40% of multiple listing service data each month. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.

© 2025 National Association of Realtors® (NAR)

Older Homebuyers Are Gravitating Toward These Popular Metros

 

By Teresa Mettela - Realtor.com

August 28, 2025

The face of homeownership in America is getting older. The average homeowner across the country's 50 largest metropolitan areas is about 51 years old, according to a new LendingTree study. That figure highlights a generational shift, as affordability pressures continue to push the dream of buying a first home later into life for many Americans.

LendingTree analyzed 2023 U.S. Census Bureau data for the 50 largest metros to compare homeowner and renter ages, population averages, and housing costs.

The research shows that the average homeowner ages range from 48.09 to 54.60 years across major metros, with Los Angeles topping the list at 54.60, followed closely by San Diego at 53.63, and Miami at 53.38. It's been revealed that 8 of the 10 metros with the oldest homeowners are concentrated in either California or Florida.

Older homeowners might gravitate toward warmer climates and areas with strong health care and social services, according to the study.

Overall, the typical homeowner in these metros pays a median of $2,229 per month on housing costs with a mortgage, underscoring the financial weight that comes with owning a home—particularly in places like Los Angeles, where high prices and long tenures keep the market older.

Read the article:

https://www.realtor.com/news/trends/where-older-buyers-are-moving-california-florida?cid=soc_shares_article_CP