"The number of U.S. homes that typically change hands as people relocate for work, retire or trade-up for more living space hasn't been this low in nearly 30 years. About 28 out of every 1,000 homes changed hands between January and September, the lowest U.S. home turnover rate going back to at least the 1990s, according to an analysis by Redfin."
"The home turnover rate represents the number of homes sold, divided by the total number of existing sellable properties. While sales data show whether more or fewer homes are selling in a given period, the home turnover rate helps illustrate how homeowners are staying put longer. "It's not healthy for the economy that people are staying put," said Daryl Fairweather, chief economist at Redfin."
U.S. home turnover declined to about 28 per 1,000 homes January–September, the lowest rate since at least the 1990s. The turnover metric equals homes sold divided by existing sellable properties and indicates homeowners are remaining in place longer. The current rate is about 30% below the 2012–2022 average for the same months. Reduced turnover may reflect weaker employment mobility, affordability constraints, and higher mortgage rates. Labor indicators are cooling: employers added only modest payrolls in August, government hiring counts were paused by the shutdown, ADP reported private-sector job losses in September, and several major firms announced layoffs.
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