On Friday, July 10, President Trump said he wouldn’t sign the bipartisan 21st Century ROAD to Housing Act, mainly to protest the Senate’s failure to pass the “SAVE America Act,” the voter ID bill that’s currently stalled by a Democrat filibuster.
Trump did not veto the legislation, and as expected under the Constitution, the bill officially became law at 12:00 a.m. on Saturday, July 11, after the 10-day signing window expired without presidential action.
Meanwhile, one day before Trump’s announcement, NAR’s existing-home sales report put the median home price at a record-high $440,600.
Here’s a recap of what’s in the bill Trump recently called “a big yawn” and what it means for your conversations with buyers.
The Housing Bill Is Now Law
Congress passed the 21st Century ROAD to Housing Act on June 24 with overwhelming support from both parties. The ROAD Act is a combined federal housing bill with two major initiatives:
- It limits how many homes big investors can own. Large institutional investors that already own more than 350 single-family homes will be blocked from buying more single-family houses. The section is titled “Homes Are For People, Not Corporations.”
- It makes it easier to build. The bill cuts some federal regulations, adds grant funding and pilot programs for new construction, and lets local governments speed up the approval process. The goal is more homes and lower costs for buyers.
On the day the ROAD Act passed, Trump canceled the signing. On Friday, July 10, he announced he won’t sign it.
Because the president neither signed nor vetoed the bill within the constitutional 10-day review period, the legislation automatically became law at midnight on July 11.
The law has been described by housing industry leaders as one of the most significant federal housing packages in decades. The National Association of REALTORS® and the National Association of Home Builders both praised its enactment, saying it provides meaningful tools to expand housing supply and improve long-term affordability.
Record Home Prices Just Landed in the Middle of This
On July 9th, the National Association of REALTORS® (NAR) reported that the median price of an existing home sold in June hit $440,600, the highest level ever recorded. It’s also a 1.8% increase from one year ago.
Even with NAR’s reported uptick in the Housing Affordability Index, the math for today’s homebuyers, especially first-time buyers, is still a barrier for many.
The new law won’t solve those issues overnight, but its focus on increasing housing supply and limiting additional institutional investor purchases could become an important part of the long-term conversation.
Editor’s Note: This article was originally published on July 10, 2026, following President Trump’s announcement that he would not sign the 21st Century ROAD to Housing Act. This article has been updated to reflect the bill’s enactment.
