New construction of residential neighborhood.

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Home Sales Helping Local Economies

June 6, 2022

Real estate is one of the main drivers of the U.S. economy, comprising nearly 17% of the gross domestic product. The National Association of REALTORS® estimates that, in 2021, the housing market generated a median of about $113,000 in economic impact per home sale. That includes expenditures related to a home purchase, new-home construction, income generated from real estate industries, and more. Also, NAR estimates that every home sale generates two jobs, according to NAR.

NAR found the following five states had the highest economic impact generated by home sales in 2021:

· Hawaii: $306,130

· District of Columbia: $280,180

· California: $246,700

· Massachusetts: $191,680

· Washington: $187,630

 

Source: 
How Do Home Sales Affect the Economy and the Job Market in Your State?” National Association of REALTORS® Economists’ Outlook blog (June 2, 2022)