Realtor Membership Declines Across the US

Analyzing the National Association of Realtors® Membership Decline

The National Association of Realtors® (NAR) has unveiled its Monthly Membership Report for July 31, 2023. A deep dive into the numbers reveals a mixed bag of growth in some states and a decline in others. The overarching reasons for the overall dip are twofold: a dwindling housing inventory and a scarcity of seasoned agents adept at navigating a tougher market.

Snapshot of the Report:

• Overall Membership: As of July 31, 2023, NAR boasts 1,566,354 members, marking a 0.42% uptick from June 2023. However, year-on-year comparison with July 2022 shows a decrease of 1.04%.
   
• State Highlights:
   
  • Florida: Topping the list, Florida’s membership grew by 0.66% since June 2023, totaling 222,293 members—a 1.83% rise from July 2022.
   
  • California: Membership stands at 202,852, a modest 0.42% month-on-month growth. Yet, a decline of 3.67% from the previous year is evident.
   
  • Texas: Demonstrating a positive trajectory, Texas recorded a 1.10% growth from June 2023, tallying 152,222 members.
   
  • New York & New Jersey: Both states witnessed a year-on-year dip, with New York at -1.51% and New Jersey at -3.39%.
   
  • Colorado: With 28,925 members, Colorado experienced a slight monthly growth of 0.32%. However, a year-on-year comparison reveals a 3.64% drop.
   
• Territorial Growth: Puerto Rico stands out with a remarkable 20.16% surge from July 2022, now having 1,043 members.
   
• States Facing Declines: Apart from the aforementioned states, North Carolina, Arizona, and Illinois also saw a reduction in membership from the previous year, reflecting the market’s challenging nature.

Delving into the Decline:

The real estate market’s current landscape is characterized by a stark lack of inventory. With fewer houses on the market, opportunities for realtors to seal deals are limited, leading many to reconsider their career choice.

Moreover, the present market demands a unique blend of skills and experience. The absence of agents equipped to handle such a market has further exacerbated the membership decline.

Even the Best Realtors in Colorado and Other Great Markets are Feeling the Pinch

The real estate realm is inherently volatile, with its fair share of peaks and troughs. The present challenges, primarily the limited inventory and the need for adept agents, call for the industry’s adaptability. Initiatives like comprehensive training for new agents and strategies to bolster housing inventory might be the antidote to the current downturn.

Dan Skelly is the broker/owner at Orson Hill Realty in Colorado and Dan is also a Realtor at Platinum Real Estate in Florida

Contact Information

Dan Skelly

Broker/Owner

Orson Hill Realty

(1) 303-503-8793

Contact via E-mail