Employment in the real estate sector
The upward in NRA membership is mirrored in overall employment in the real estate sector in the United States. In 2016, 1.6 million people were employed in the sector, which indicates that the majority of workers are member of the NAR. Employment in the sector is set to increase in firms with less than 2,500 employees until 2026. Larger firms – those with 2,500 employees or more – are forecast to decrease the number of employees in the near future.
Membership growth ties in with growth in home sales
The growth in NAR membership also correlates with the growth of residential property sales. For instance, the number of new houses sold in the U.S. has been on the rise since 2011. American adults as a whole have been steady in their view that home ownership is an important part of the American Dream. However, the share of American Millennials – those born between 1981 and 1996 - who view homeownership as important has been fluctuating since 2010. This adds an element of uncertainty to the future of the housing market, because Millennials are in their mid-twenties and thirties, which is widely viewed as the best time to buy a home from a home equity perspective.