The Senate Banking Committee has cleared a comprehensive housing bill covering 315 pages of reforms intended to impact key issues of housing availability and prices.

It is considered bipartisan legislation, with members of both parties voting to advance the bill. Primary sponsors are Sen. Tim Scott, R-S.C., and Sen. Elizabeth Warren, D-Mass.

The Renewing Opportunity in the American Dream (ROAD) to Housing Act of 2025 was applauded by members of both parties as the committee's first bipartisan housing markup in over a decade.

A committee overview of the legislation said the bill is designed to "boost the nation's housing supply, improve housing affordability, and increase oversight and efficiency of federal regulators and housing programs." Specific areas, including mortgage lending and home appraisals, are also included.

Scott chairs the committee and in remarks to the panel said it was an important decision for the senators. He also pointed out that every senator on the committee contributed language to the bill on a wide range of housing issues.

USA Today reported that analysts at the Bipartisan Policy Center published a summary after the bill passed the committee and said it "would be the most impactful and comprehensive piece of housing legislation since the Great Recession," which began in 2007.

Scott said the work of senators on the committee shows there is common ground in Washington on key issues. "Many people around the country, frustrated with the way we do American politics, wonder, 'Is there any issue that brings this nation together?' I'm here to say, hallelujah! We have found one. It is housing."

The National Association of Realtors reported in its June monthly statistical update that the median existing home price for all housing types in the U.S. rose 2% over last year to reach $435,300 — a record high for June and the 24th consecutive month of year-over-year price increases.