Housing inventory in 2022 fell to its lowest level since 1999, and 32% of realtors reported a lack of inventory as the most important factor keeping potential clients from purchasing a house, according to the National Association of Realtors’ 2023 Member Profile.
Among respondents, 18% cited housing affordability as the top reason for hampered sales.
“The report’s findings clearly show that the lack of housing inventory is impacting Realtors’ ability to find buyers a home,” stated Jessica Lautz, NAR deputy chief economist and VP of research. “Housing inventory and affordability continue to be the top obstacles that hold back potential clients in the housing market.”
The typical NAR member’s sales volume increased from $2.6 million in 2021 to $3.4 million in 2022, an indication of strong housing demand and rising home prices.
The full NAR report can be found here.
