We often hear about how beneficial home sales are for the greater economy, but NAR has finally done the research and slapped a value on the whole process.
Housing, the narrative goes, is among the most versatile and dextrous industries in the U.S. economy, given that its reach encompasses no less than finance, real estate, construction and the dozens of complementary industries (contractors, appraisers, title companies, lawyers) that also play a role.
How much economic impact, though, does a home sale truly create? And can a dollar figure be attached to such a transaction? Researchers with the National Association of Realtors set out to compute such a number, and their findings were nothing less than inspiring.
Analyzing home construction, brokerage businesses, mortgage lending, title insurance, rental and leasing, appraisals, moving truck services and other related activities, NAR concluded its research with a hefty number: $56,464. That, according to NAR’s research, is how much money is pumped through the economy from a typical home sale.
Interested in how that sum breaks down? See our infographic below: