The percentage of U.S. homes that have changed ownership so far this year is at a multi-decade low as high mortgage rates and home prices dampen the housing market, according to a recent report by real estate brokerage Redfin.
In the first eight months of 2024, only 25 out of every 1,000 homes in America changed hands, according to the Sept. 30 report. The 2.5 percent home turnover rate is the lowest in at least 30 years.
A lower rate is an indicator of a cold housing market. Compared to the pandemic-fueled home-buying boom in 2021, there were 37.5 percent fewer homes sold this year. Redfin attributes the low turnover rate to elevated mortgage rates, rising home prices, low supply, and the economic and political uncertainty of an election year….