Record Lows: August Reveals Slow Agent Mobility

The latest release data from August 2024 indicates a significant decline in agent mobility, with the seasonally adjusted AMI metric reaching a new record low. This trend suggests that agents are becoming less likely to switch agents as we enter the fall season.

Key observations from August 2024:

• Agent mobility reaches record lows: The seasonally adjusted AMI metric has reached its lowest point since the index was established, with the exception of the COVID month of April 2020, indicating that brokers are more likely to stay with their current brokers.
• Reversal of the previous trend: This decline marks a reversal of the upward trend in officer movement previously observed in 2024, when there were signs of increased mobility among officers.
• The number of active agents remains stable: Despite the decrease in agent movements, the number of active agents (those closed in the past year) has remained stable and is not showing a significant increase or decrease.

Impact of NAR’s new buyer agency rules: The implementation of new National Association of Realtors (NAR) rules around buyer brokerage appears to have frozen many real estate agents in place. Brokers have suspended recruitment efforts while management focuses on training and support to adapt to these changes.

Rob Keefe, founder of Relitix, commented on these developments, saying: “The August data clearly shows that the market is moving. The introduction of NAR’s new buyer agency rules has created uncertainty, leaving agents sheltered in place while brokers focused on internal adjustments.”

This month’s findings are in stark contrast to the trends we noted in our previous publications. For example, in our May 2024 report, we highlighted an increase in agent mobility and an increase in the number of active agents, indicating a vibrant and competitive market. However, current data indicates a shift toward stability and caution among agents and brokers alike as the industry faces significant process changes. The August AMI recorded a 12-month score of 97.7, a monthly score of 94.7 and a seasonally adjusted figure. of 85.0, reflecting the significant reduction in agent movements.

Rob Keefe is the founder of Relitix.

This column does not necessarily reflect the opinion of HousingWire’s editorial staff and its owners.

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