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Ahead of the approaching Aug. 17 deadline for Realtors and MLSs to implement policy changes following NAR’s settlement of antitrust lawsuits, more agents are joining the National Association of Realtors (NAR).
The latest NAR-affiliated state association data shows that NAR membership has rebounded from a slowdown, with over 29,000 agents seeking membership from April to August, bringing the membership total to approximately 1.53 million, Real Estate News reported on Monday.
According to Washington Realtors CEO Nathan Gorton, recent membership growth shows that agents may be jumping back on board before the Aug. 17 deadline.
“You’ve got to be a member in good standing in order to benefit from the NAR settlement — in order to have the liability removed,” Gorton told Real Estate News. “So certainly that’s had an impact.”
NAR-affiliated association Washington Realtors, based out of Washington state, saw an increase of 5.6 percent from April to August, representing the highest percentage growth of any association in the U.S. during this time period.
Washington Realtors rebounded after enduring the biggest drop in membership by any state association last year. The association lost over 2,500 agents, an 11 percent decline in Realtor membership. That loss can be attributed to Redfin’s split from NAR last October, Gorton said.
Gorton suggested that Washington agents may be more prepared for the upcoming deadline compared to agents in other states as buyer agent agreements are already required by Washington state law. Washington Realtors has begun educating consumers on the upcoming changes in the industry with a web and television campaign.
As Inman reported in February, “NAR membership was 2.1 percent lower in January than a year earlier, dropping to 1,515,837. That’s down 5.3 percent from October 2022, when NAR hit a membership peak of 1.6 million, and it’s the lowest level since May 2021. NAR reported a net loss in members last year for the first time since 2012.”
In February, NAR Chief Economist Lawrence Yun predicted further membership declines “given the reduction in business opportunities over the past two years” and “the lag effects of past housing cycles.”
In April, NAR scrubbed its website of decades of month-over-month membership data. NAR did respond to questions on why the data was removed from the public eye, but spokesperson Mantill Williams said at the time, “Any suggestion that our members will not have visibility into membership data is inaccurate.”
However, as recently as May, NAR Treasurer Greg Hrabcak asserted that membership was “tracking favorably to plan and is increasing each month.” NAR did not respond to a request from Inman for membership data to support this assertion.
Inman reached out to NAR for comment, and spokesperson Mantill Williams said NAR had “nothing further to add to the story.”
Since the real estate market initially slowed in 2022, there has been speculation about whether decreasing market share, accusations of sexual harassment against the trade group, and challenges such as commission-related lawsuits and NAR’s subsequent settlement have had a significant impact on agent membership growth.
In 2023, there was an increase in NAR membership, though sales volume declined.
In August 2023, sexual harassment accusations arose against NAR’s former president Kenny Parcell, and the organization reported membership losses in the months that followed. Membership declined by 62,000 from October 2023 to January 2024, though the organization still claimed over 1.5 million members.
NAR faced additional losses in February, losing 19,000 members, bringing membership lower than 1.5 million for the first time in three years.
On March 15, NAR reached a settlement agreement in the antitrust lawsuits related to its practices.
Membership numbers for the organization have remained resilient for the most part, despite changes in the market and industry practices.
“Our membership numbers — as in all previous years — will be competitive, with new members trying out their entrepreneurial skills while less productive members drop out,” NAR Chief Economist Lawrence Yun said in an email to Real Estate News. “We will await the net impact. So far, membership is holding high with only a 2 percent decline from a year ago despite the low home sales over the past two years.”
This story has been updated with additional context from previous Inman reporting.
