The latest release data as of August 2024 indicates a significant decline in agent mobility, with the seasonally adjusted AMI metric hitting a new record low. This trend suggests that agents are increasingly less likely to consider switching brokerages as we head into the fall season.
Key observations from August 2024:
- Agent mobility hits record low: The seasonally adjusted AMI metric has reached its lowest point since the index was established excluding the COVID month of April 2020 , indicating that agents are more inclined to stay with their current brokerages.
- Reversal of previous trend: This decline marks a reversal of the upward trend in agent movement observed earlier in 2024, where there were signs of increased mobility among agents.
- Active agent count holds steady: Despite the decrease in agent movement, the number of active agents—those with a closing in the past year—has remained steady, showing no significant increase or decrease.
Impact of NAR’s new buyer agency rules: The implementation of new National Association of Realtors (NAR) rules around buyer agency appears to have frozen many agents in place. Brokerages have put recruiting efforts on hold while management focuses on training and support to adapt to these changes.
Rob Keefe, Founder of Relitix, commented on these developments, stating, “The data from August clearly shows a market in flux. The introduction of NAR’s new buyer agency rules has created uncertainty, leading agents to stay put while brokerages concentrate on internal adjustments.”
This month’s findings contrast sharply with the trends noted in our earlier releases. For instance, in our May 2024 report, we highlighted an increase in agent mobility and a rise in active agents, suggesting a vibrant and competitive market. However, the current data indicates a shift towards stability and caution among agents and brokerages alike as the industry deals with significant process changes.The August AMI recorded a trailing 12-month score of 97.7, a monthly score of 94.7, and a seasonally adjusted figure of 85.0, reflecting the significant decrease in agent movement.
Rob Keefe is the founder of Relitix.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.
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