Rising home prices and an increase in the number of single-family home permits are signs of a recovering housing market. But there's another indicator that things are going in the right direction: Realtors have seen a boost in income.
Last year marked the second year in a row of higher income for Realtors after nine straight years of losses, according to a survey by the National Association of Realtors. Median gross income of Realtors was $43,500 in 2012, compared with $34,900 in 2011.
Downhill from 11 years ago
NAR President Gary Thomas said in a release that peak income was achieved in 2002. The bubble years, right before the housing crash, saw an influx of agents and Realtors competing for business, contributing to a drop-off in average income. Many Realtors also began diversifying into related areas of the housing business, which meant their income was not so dependent on home prices and sales.
Experience and hard work count: Median gross income of Realtors in the business for 16 years or more was $57,300 in 2012, and those who logged 60 hours a week or more averaged $85,700. Of the NAR members surveyed, 21 percent earned a six-figure income in 2012. The median number of sales transactions in 2012 was 12, up from 10 in 2011.
Keep up with your wealth and mortgages, and follow me on Twitter @JudyMartel.