Real Estate Appraisers NAICS 531320

May 20, 2026 - Millions of Unoccupied Homes Kept off the Market

• The New York Times reports that, according to real estate investment services firm Flock Homes, about 7.2 million single-family homes are sitting vacant across the US. Many older homeowners choose not to sell because steep tax liabilities, including capital gains taxes, make it cheaper to hold properties than to list them. Homes inherited by heirs are often valued on a stepped-up basis at current market values, nearly eliminating capital gains taxes, which further discourages older owners from selling. These dynamics could distort housing supply data and complicate valuation models in the real estate appraisal industry, as comparable sales become scarcer and market activity appears tighter than underlying inventory suggests. The trend is especially pronounced in major metro areas, where retirees' unoccupied paid-off homes remain off the market despite ongoing housing shortages.
• The housing market remains painfully slow, with high mortgage rates and elevated home prices keeping many buyers on the sidelines, according to The Wall Street Journal. Still, some homes are selling quickly, especially move-in-ready properties in the Midwest, the Northeast, and select other markets where supply is tight. This trend could affect the real estate appraisal industry by placing more weight on property condition, realistic pricing, and local demand, as appraisers navigate a widening gap between fast-selling homes and those that linger. Zillow data show homes under contract in March sold in a median of 19 days, compared with 56 days for all listings, a 37-day gap, and the widest for March since 2020. Buyers remain cautious about repair costs, insurance issues, and renovations, while some sellers continue to overprice homes based on past market highs.

• Sales of existing U.S. homes increased by 0.2% in April 2026 from March and were unchanged year-over-year, according to the National Association of Realtors (NAR). NAR chief economist Dr. Lawrence Yun said, "Despite mixed macroeconomic signals -including a record-high stock market and historically low consumer confidence - home sales were modestly boosted by the continued improvement in housing affordability. Mortgage rates are lower from a year ago, and average income growth is outpacing home price gains." Yun added, "Multiple offers, though not as intense as a few years ago, are still occurring. At the same time, days on market are lengthening on average, implying that consumers are taking their time before making decisions."
• The apartment sector remained the most liquid segment of commercial real estate in Q1 2026, with sales rising 1% year over year to $32 billion, according to MSCI Real Assets data shared with Multifamily Dive. Individual asset sales increased 3% to $27.6 billion, while portfolio deals fell 13% to $4.4 billion. Prices were flat in Q1 2026, marking the first time since late 2022 when prices didn't decline. Activity varied by region: the six leading major metros saw a 29% increase to $10.1 billion, while non-major metros declined 9% to $21.9 billion. In an analysis of the MSCI data, JPMorgan noted that rising Treasury yields could pressure underwriting, as higher borrowing costs reduce investor flexibility, though geopolitical factors had minimal impact on Q1 results.