Key observations from October
• Continued decline in agent movement:
The seasonally adjusted AMI metric for October dropped to 86.2, marking another decrease in agent mobility and continuing the downward trend observed in recent months.
• Factors influencing decline
The Presidential election and the implementation of the National Association of Realtors (NAR) settlement appear to have significantly impacted agents’ propensity to move between brokerages.
• Slight upward adjustment:
September’s seasonally adjusted metric was revised slightly upward, but this adjustment did not reverse the overall declining trend in agent movement.
• Potential for future recovery:
With the election concluded and as the industry adapts to the NAR settlement, there is cautious optimism that this decline may reverse in the coming months.
Rob Keefe commented on these developments: “October’s data underscores the significant impact of recent events on our industry. The combination of political uncertainty and major regulatory changes has clearly influenced agents’ decisions to stay put. However, as these factors stabilize, we anticipate a potential rebound in agent mobility. Brokerages should remain vigilant and prepared for a possible uptick in movement as the market adjusts to the new normal.”
This month’s findings continue the trend observed in recent AMI releases. The September 2024 report had already indicated a sharp decline in agent mobility, with the seasonally adjusted figure hitting an 8-year low for that month. The October data confirms that this downward trajectory is persisting, albeit with a slight moderation as indicated by the upward revision of September’s figures.
The October AMI recorded a trailing 12-month score of 96.0, a monthly score of 89.6, and a seasonally adjusted figure of 86.2, all reflecting the ongoing decrease in agent movement. These metrics serve as crucial indicators for brokerage firms and real estate professionals navigating the current market conditions.
Rob Keefe is the founder of Relitix.
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