According to Redfin, only 25 out of every 1,000 homes in the US changed hands in the first eight months of 2024, marking the lowest turnover rate in decades. Home sales this year have decreased by 37.5% compared to the buying frenzy during the 2021 pandemic, with 40 out of every 1,000 households selling, down from 36 per 1,000 in 2019.
The historically low turnover is attributed to several factors, including rising mortgage rates, increasing home prices, limited supply, and economic and political uncertainties. Additionally, the proportion of homes listed for sale hit its lowest point since at least 2012 in the first eight months of this year.
