In 2022, a substantial housing shortage significantly impacted the real estate market. According to the National Association of Realtors®’ 2023 Member Profile, 32% of Realtors® identified the lack of available properties as the primary obstacle preventing potential clients from purchasing. This annual report examines the business activity and demographics of its members from the previous year. The housing inventory reached its lowest point since 1999, driven by a surge of home buyers eager to take advantage of historically low-interest rates.
Jessica Lautz, NAR’s deputy chief economist and vice president of research, emphasized that the report’s findings clearly highlight how the limited housing inventory is affecting Realtors® in their search for homes for buyers. Housing scarcity and affordability continue to be the top challenges hindering potential clients from entering the housing market.