Summary
A report from Redfin shows that the U.S. housing market turnover rate is at its lowest in 30 years. From January to September 2025, only 28 out of every 1,000 homes in the U.S. were sold. The main reasons are high home prices, soaring borrowing costs, and economic uncertainties making buying homes less affordable.
Key Facts
- Only 28 out of 1,000 U.S. homes sold from January to September 2025, the lowest rate since the early-mid 1990s.
- The first nine months of 2025 had a home turnover rate of 2.77%, slightly down from 2.78% in 2024.
- New York City has the nation's lowest home turnover rate, with 10.3 out of 1,000 homes sold.
- Proposition 13 in California limits property tax increases, discouraging homeowners from selling.
- Virginia Beach, Virginia, has the highest turnover rate at 35.2 out of 1,000 homes sold.
- U.S. homes remain costly, with a median price of $435,285 in September 2025.
- Mortgages have high rates, generally between 6.5% and 7%, affecting affordability.
- Over 70% of U.S. homeowners have mortgage rates under 5%, lower than current rates, keeping them from selling.
