Payam Javan: President Donald Trump is weighing the possibility of declaring a national housing emergency this fall, according to Treasury Secretary Scott Bessent. In a Labor Day interview, Bessent said the administration is exploring measures to ease housing costs, such as lifting tariffs on construction materials and standardizing local zoning rules. While stressing that Washington does not want to interfere directly in state and local matters, he added that “everything is on the table” as the White House considers policy options.

The discussion comes as the Federal Reserve is widely expected to cut interest rates later this month, a move that could ease mortgage costs. The average 30-year fixed mortgage rate currently stands at 6.56 percent, according to Freddie Mac, slightly lower than a year ago. Analysts note that cheaper borrowing could help stabilize affordability, though high prices and lingering economic uncertainty continue to weigh on buyer sentiment.

The U.S. housing market has shifted from a pandemic-era boom to a slowdown marked by rising inventory and hesitant buyers. Redfin data show a 36 percent gap between sellers and buyers, the widest since 2013, with active listings now at a five-year high. Still, experts say wage growth outpacing home prices and the potential for rate cuts may support demand. Trump, meanwhile, has tied his housing policy agenda to his 2024 campaign promises, including opening federal land for development and slashing regulatory barriers.