U.S. home turnover rate at lowest level in decades as housing slump drags on, analysis finds

The U.S. home turnover rate has reached its lowest point in nearly three decades, with approximately 28 out of every 1,000 homes changing hands between January and September. This analysis by Redfin indicates a significant slowdown in homeowners moving, a trend attributed to a sluggish economy characterized by limited job mobility and high housing costs. The low turnover rate suggests that homeowners are staying put longer, a situation that economists deem unhealthy for the economy. This reluctance to move is a departure from historical patterns where new job opportunities or the need for more space typically motivated sales. The current economic climate, marked by a low-hire, low-fire labor market with recent job losses and major companies announcing cuts, contributes to this trend. Another major factor is the lingering effect of low mortgage rates from 2020 and 2021. Many homeowners secured these historically low rates, making them hesitant to sell and purchase a new home at current, higher mortgage rates. This, combined with skyrocketi... download the app to read more