Housing supply dropped to lowest level since 1999, NAR membership grew to 1.58 million
Washington – Amid a significant shortage of housing supply in 2022, 32% of Realtors named a lack of inventory as the most important factor limiting potential clients from making a purchase, according to the National Association of Realtors 2023 Member Profile.
- NAR membership grew to 1.58 million at the end of 2022, up from 1.56 million at the end of 2021.
- More than three-quarters of realtors (76%) are certain they will remain in the real estate industry for at least two more years.
- An indication of strong housing demand and rising home prices, the typical member’s sales volume increased to $3.4 million in 2022, up from $2.6 million in 2021. The typical member had 12 transactions in 2022, the same as in 2021.
This annual report analyzes members’ business activity and demographics from the prior year.
Housing inventory fell to the lowest level recorded since 1999 as homebuyers entered the market at a frenzied pace to lock in historically low interest rates.
“The report’s findings clearly show that the lack of housing inventory is impacting realtors’ ability to find buyers a home,” said Jessica Lautz, NAR deputy chief economist and vice president of research. “Housing inventory and affordability continue to be the top obstacles that hold back potential clients in the housing market.”
UCBJ File photo.