Summary
The rate at which homes in the U.S. are being sold is at its lowest level in nearly 30 years. This drop is linked to a slower job market and higher mortgage rates, which makes it difficult for people to move or afford new homes.
Key Facts
- Only 28 out of every 1,000 U.S. homes changed owners between January and September.
- This is the lowest turnover rate since at least the 1990s, based on Redfin's analysis.
- The turnover rate is about 30% lower compared to the average rate from 2012 to 2022.
- People usually move for new jobs or more space, but this is happening less often now.
- The current low turnover correlates with a slow-moving job market with fewer hires and fires.
- Higher mortgage rates since 2022 discourage homeowners from selling homes bought or refinanced at lower rates.
- In August, U.S. employers added 22,000 jobs, which was fewer than expected.
- The median sales price for previously owned homes has increased 53% over the past six years.
