By Zach Wasser for CNN Business
As home prices soared during the pandemic, people started racing toward the real estate sales industry seeking to cash in on the housing gold rush.
But that surge in new real estate agents, coupled with a sharp decline in the number of homes up for sale over the past year, has led to a peculiar phenomenon: there are currently more Realtors than homes for sale in the US.
More than 130,000 people became Realtors during the pandemic, according to the National Association of Realtors. NAR said its membership reached a record-high of more than 1.5 million members in May. Throughout last month, however, there were just a little more than 1.3 million homes for sale, down 27% compared to the same time last year, according to Redfin.
It is exceedingly rare for the number of Realtors to eclipse the number of homes for sale, said Lawrence Yun, NAR’s chief economist. Especially now, well into…