According to a National Association of Realtors poll, nearly a third (32%) of respondents listed a lack of inventory in home supply as the most crucial problem preventing potential clients from making a purchase in 2022.
According to the NAR, housing inventory has dropped to its lowest level since 1999 as home buyers enter the market in an attempt to lock in historically low borrowing rates.
“The findings of the report clearly show that a lack of housing inventory is having an impact on Realtors’ ability to find buyers a home,” said Jessica Lautz, NAR deputy chief economist and vice president of research. “Housing inventory and affordability continue to be the most significant barriers to potential clients entering the housing market.”
The 2023 Member Profile from the National Association of Realtors examines members’ business activities and demographics from the previous year. NAR emailed a 98-question survey to a random sample of 146,624 Realtors in March 2023. NAR got a total of 6,902 replies using this method. The adjusted response rate for the survey was 4.7%. Based on a population of 1.5 million members, the confidence interval at 95% confidence is +/- 1.18%. The survey responses were weighted to be reflective of NAR membership at the state level. Compensation, earnings, sales volume, and transaction volume are calendar year 2022 characteristics, whereas all other data are typical of member characteristics in early 2023.
