The income and sales volume of National Association of Realtors members dropped slightly over the last year, but membership increased as younger members continue to enter the industry, according to the 2018 National Association of Realtors Member Profile, released recently.
There was a rise in new members from 1.22 million in March 2017 to 1.3 million in April 2018, and the profile found that 29 percent of members have less than two years of experience, an increase from 28 percent and suggesting prospective entrants into the real-estate profession are excited about the long-term prospects.
“Younger Americans are seeking business opportunities that working in real estate provides,” said Lawrence Yun, NAR’s chief economist.
Members of the National Association of Realtors account for about half of all active real estate licensees in the U.S.
Realtors’ median age was 54 this year, slightly up from the last two years. Sixty-three percent of Realtors are female.
Only five percent of Realtors reported real estate was their first career. The most common first careers reported by those in the industry are in management, business or finance, or in sales and retail, both at 16 percent.
New members of the trade association tended to be more diverse than more experienced members; 25 percent of members with two years of experience or less were minorities, up from 22 percent last year.
According to the survey, the main factors that limit potential clients in completing transactions are difficulty finding the right property (35 percent), housing affordability (17 percent), and difficulty in obtaining mortgage financing (12 percent).
“A familiar story lingers from last year, as limited inventory continues to plague many housing markets across the country,” Yun said.
Eighty percent of respondents reported that they are certain they would remain in the real estate business, while those who were newest to the profession were least certain they would remain.
The 2018 National Association of Realtors Member Profile is based on a survey of 200,964 members, which generated 12,495 usable responses.