Real estate crisis: Full-time real estate agents in the US fell to 440,000 in 2023, a record drop.

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The landscape of real estate in the U.S. is undergoing a seismic shift, and the numbers are sobering. In 2023, the number of full-time real estate agents and brokers plunged to 440,000, marking the lowest figure since 2014. This 72,000 drop in agents year-over-year represents a staggering 14% decline—the most significant fall since the financial crisis of 2008.

The National Association of Realtors has felt the impact as well, with membership plummeting by 100,000 since 2022, now totaling around 1.5 million. These statistics paint a grim picture of a market in distress, where uncertainty reigns and hope dwindles.

July brought yet another troubling milestone, as pending home sales fell to their lowest level on record, dipping even below the stagnant numbers witnessed during the pandemic. Mortgage demand has hit a chilling 30-year low, creating a perfect storm that is stalling the housing market and forcing agents out of the profession at an alarming rate.

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What does this mean for the future of real estate? The once-bustling market is now a barren landscape, where agents are abandoning ship and the signs of a prolonged downturn are evident. Families searching for homes face a labyrinth of challenges, and the dream of homeownership is slipping further from reach.

In this unsettling atmosphere, the ripple effects extend beyond just the numbers. Communities are left grappling with economic uncertainty, and potential homebuyers are feeling the weight of dwindling options and soaring prices. As agents drop out and the market stalls, the question looms large: how long until the housing market finds its footing again, or has the dream of owning a home become just that—a dream?

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Sources:

www.newsweek.com/housing-market-realtors-struggling-1905555

www.newsnationnow.com/business/your-money/housing-market-real-estate-agents/


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