The US real estate boom is looking a little bubbly in one more way — a surge in new Realtors. The National Association of Realtors (NAR) saw membership soar in May. Membership is now growing at the highest rate since 2006, as more people try to get in on the gold rush. It’s going to be tough, considering there are now more Realtors than existing-homes to sell.
US Realtor Membership Increased Over 8% Last Year
There are a lot of Realtors in the United States these days. NAR membership reached 1.50 million in May, up 1.34% (+19,925) from a month before. Annual growth came in at 8.75% (+121,022) for the month. That’s right, 1 in 6 members over the past year, joined just last month. No month since 2006 has seen an annual rate of growth this large.
US Realtor Memberships
The monthly total of Realtors registered in the United States.
Source: NAR; Better Dwelling.
1 In 75 Adults of Working Age Are Now Realtors In The US
It’s hard to really appreciate how many people are Realtors in the US without context. The adult working population is estimated to be 113.9 million people. That would mean just over 1 in 75 adults of working age are now registered Realtors. That’s halfway to the number of public school teachers in the US.
US Realtor Membership Change
The 12-month change in the number of Realtors registered in the United States.
Source: NAR; Better Dwelling.
The US Now Has More Realtors Than Homes To Sell
These numbers were released along with existing-home sales. There were just 1.23 million existing-homes for sale in May. That means there were 1.22 Realtors per home on the market. Considering high-performing agents often sell more than one house per month, it’s probably pretty tough for most.
The timing in the number of aspiring Realtors is interesting, as is the rate of growth. It takes 3-months on average to train to become a Realtor in the US. That would mean the average person signed up at the peak of home sales in January. As for the rate of growth, it’s the fastest rate of membership growth since 2006. That year keeps on coming up. I wonder what happened back then.
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LOL! What’s the number for Canada, because I heard it was higher than the number of public school teachers?
5 bucks says it’s way worse in Canada than the US.
There’s nothing wrong with being a Realtor if you want to become one. It’s like any profession. There’s more actors than roles exist. Most will flop.
The issue is the number of people that become a Realtor because they think it’ll be easy money, and no work. Those people are basically screwed, again.
Sorta like in Soviet Russia and Yugoslavia where you needed 5 people to screw a lightbulb.
The total cost for the Real Estate Salesperson Program is $4,160.00 in Ontario. Be your own agent and save money,