Up to 57% of realtors in a new industry survey say they were prevented from closing a deal in 2021 due simply to a lack of inventory.
The survey, conducted by the National Association of Realtors, is only the latest indication that the nation’s available housing stock has not been large enough for current needs.
Realtors “continued to navigate a challenging housing market and cited the biggest factor holding back the housing market was tight inventory,” remarked Jessica Lautz, vice president of demographics and behavioral insights for the NAR.
In a statement Lautz added that realtors were confronted with the supply challenge in a fast-changing market defined by buyers relocating throughout the months of the pandemic.
For all of that, the survey reveals that the typical NAR member conducted a dozen transactions in 2021, representing a volume of $2.6 million.
Perhaps because business overall has been good, despite the inventory challenges, just under 80% of the realtors polled in the survey said they were certain that they would remain in the industry for at least two more years.
According to the NAR, more than 6.1 million existing homes were sold in 2021, the largest number since 2006. Indicating that more people are getting into the industry, the survey also revealed that the NAR’s membership last year jumped to 1.5 million, up from 1.4 million in 2020.
The inventory question, meanwhile, may be improving. According to the site Realtor.com, active listings for homes nationwide is now up by 19%, with the number of new listings up by 4.5% over last year at this time.
By Garry Boulard
