Title Abstract and Settlement Offices NAICS 541191

May 24, 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 value, nearly eliminating capital gains taxes, further discouraging older owners from selling. The trend is especially pronounced in major metro areas, where retirees' unoccupied paid-off homes remain off the market despite ongoing housing shortages. This dynamic reduces housing supply, limits transaction volume, and creates downstream effects for the title insurance industry, which depends on home sales for revenue. Fewer transactions mean fewer title orders, slowing growth and increasing competition among title companies as a significant share of potential inventory remains off the market.
• 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. However, geopolitical factors had minimal impact on Q1 results.

• 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."
• New single-family home sales rose 7.4% month-over-month and were up 3.3% year-over-year in March 2026, according to the US Census Bureau. March’s total new home sales reached 682,000 units. The National Association of Home Builders noted the uptick was due to moderating home prices and a lack of inventory in the existing home market. In March, the US median home price was $387,400, down 6.2% from $412,900 a year earlier. To address ongoing affordability constraints, builders have made strides toward offering more homes at the lower end of the price spectrum. In March, 20% of new homes were priced below $300,000.