NAR membership grows, but decline expected

In July 2023, NAR reported its member count reached over 1.56 million members, despite a decline in housing transactions. NAR membership increased in states such as Florida, Texas and Georgia, with Florida leading with over 223,000 members. However, Lawrence Yun, NAR’s chief economist, anticipates a 5% drop in membership by December due to the competitive business environment and the nearly 19% decline in home sales year-over-year in June.

Brokerages and agents face stiff competition with the decline in the number of home sales in 2023. Success will require smart strategy and savvy marketing.