The number of members of the National Association of Realtors (NAR) in 2023 declined for the first time since 2012. This trend also reflects the recovery of the property market after the financial crisis of 2007-2009, as the volume of home sales began to climb from 2011. The NAR is a North American trade association for real estate workers formed in 1908 and currently based in Chicago, Illinois. In 2022, the association had nearly 1.6 million members.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 2023, 2.4 million people were employed in the sector, which indicates that the majority of workers are members of the NAR. Employees in the real estate, rental, and leasing industry in the U.S. earned slightly above the average wage in the country. 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 homeownership 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.

In the third quarter of 2024, roughly 2.73 percent of all consumer loans at commercial banks in the United States were delinquent. The delinquency rate on this type of credit has been rising again since 2021. Loans are delinquent when the borrower does not pay their obligations on time. One of the reasons for the delinquency rate decreasing during the first years of the COVID-19 pandemic was that the personal saving rate in the U.S. soared during that period. What is the trend in consumer credit levels in the United States? Consumer credit refers to the various types of loans and credit extended to individuals for personal use, often to fund everyday purchases or larger expenses. When credit levels rise, it often signals that consumers are more confident in their ability to manage debt and make future payments. After a period of strong growth between 2021 and early 2023, consumer credit in the United States has been growing at a slower pace. By early 2024, consumer credit levels reached over five trillion U.S. dollars. What is the main channel for acquiring consumer credit? In 2024, the leading type of consumer credit among consumers in the U.S. was credit card bills. Credit card usage in the North American country was substantial and credit card penetration was expected to reach over 68.4 percent by 2029. Car loans ranked next as a common source of consumer credit, while other types of debt, such as medical bills, home equity lines of credit, and personal educational loans, had lower percentages.