NAR's Kevin Sears Testifies on Housing Affordability and Supply Crisis Before House Financial Services Committee

NAR Immediate Past President Kevin Sears testified on December 3, 2025, before the House Financial Services Committee at a full committee hearing titled "Building Capacity: Reducing Government Roadblocks to Housing Supply." Sears addressed America's 4.7 million home shortage and the federal government's role in addressing housing affordability.

Sears emphasized that first-time buyers now represent just 21 percent of the market—down from a historical norm of 40 percent—and reach homeownership at a median age of 40. "Every day, REALTORS® watch families struggle to find homes they can afford," he testified. "We see teachers, nurses, firefighters and police officers priced out of the communities they serve."

NAR urged Congress to advance bipartisan legislation to unlock existing inventory, cut federal red tape, incentivize state and local reform, and expand financing options. Key bills include the More Homes on the Market Act (H.R. 1340), which would increase the capital gains exclusion for the first time in 27 years; the Housing Supply Frameworks Act (H.R. 2840), which would provide communities with best practices and resources to reform their own zoning frameworks; and the HOME Reform Act (H.R. 5878), which modernizes the HOME program with streamlined regulations and greater flexibility for communities.

Housing and Insurance Subcommittee Chairman Mike Flood (R-Neb.) and Ranking Member Emanuel Cleaver (D-Mo.) emphasized their commitment to advancing housing legislation. Sears concluded that "the housing supply crisis demands action at every level of government. This crisis is not a red issue or a blue issue—it's a red, white, and blue issue."

NAR's full written testimony submitted to the House Financial Services Committee.