A struggling housing market characterized by elevated prices and high borrowing costs for home loans has depressed demand for homes. This dynamic has contributed to a fall in the number of real estate agents working in the industry.There are tens of thousands fewer real estate brokers and sales agents, according to data from the Federal Reserve Economic Data.Read more: How to Get a MortgageIn 2023, there were 440,000 people in America working as real estate agents.
'A lot of agents are struggling right now.'Buyers pausing their plans to purchase homes is hurting buyers' agents. Meanwhile, sellers waiting to put their homes on the market are reluctant to re-enter a housing market with rates elevated, which has also led to fewer listings and damaged business for sellers' agents.'The market is tough right now for buyers meaning many buyers' agents are struggling to keep business consistent,' Munir said.