Housing turnover rate hits lowest level in 30 years

Published On Oct 1, 2024, 6:00 AM

The U.S. housing market is currently experiencing the lowest turnover rate in 30 years, with only 25 out of every 1,000 homes changing hands in 2024, according to Redfin. Sales are down 37% compared to the pandemic peak in 2021 and 31% compared to 2019. This stagnation is largely attributed to high mortgage rates and home prices, with many potential buyers and sellers adopting a 'wait-and-see' approach amid ongoing economic and political uncertainties. As mortgage rates show signs of falling, there is optimism that this may encourage sellers back into the market.