US Home Turnover Hits Lowest Rate in Decades, Redfin Reports

Only 28 out of every 1,000 single-family homes have been resold this year.

Homes in Huntington Beach, Calif., on July 12, 2024. John Fredricks/The Epoch Times

Only 28 out of every 1,000 U.S. single-family homes have been resold this year, making it the lowest turnover rate since the early mid-1990s, according to online real estate brokerage Redfin.

In its Oct. 31 analysis, Redfin also stated that home sales this year were down by 38 percent from the COVID-19 pandemic peak year of 2021 and by more than 31 percent from the last pre-COVID-19 pandemic year, 2019.

Redfin defines the turnover rate as the number of homes sold during the first nine months of the year divided by the total number of sellable homes on the market.

The firm attributed the historically low turnover rates to several factors, including affordability challenges.

“Home prices are near record highs and borrowing costs remain elevated, causing the number of sellers to far outweigh the number of buyers,” the report states.

It also notes that sellers are reluctant to give up their lower mortgage rates to move to a new location. According to the analysis, more than 70 percent of homeowners currently have a mortgage rate lower than 5 percent.

Freddie Mac reported that the average rate for a 30-year fixed mortgage dropped to 6.17 percent as of Oct. 30, while homeowners opting for a 15-year fixed loan could secure an average rate of 5.41 percent.

In addition, the report lists economic uncertainty as a reason why many Americans are choosing to stay in their current homes.

“Concerns about job security, inflation, and broader instability caused many would-be movers to delay major purchases,” the report reads.

While the share of homes listed in the first nine months of 2025 rose slightly, to nearly 4 percent, it was the third-slowest pace of new listings since 2012 and marked a decline of more than 25 percent from 2019.

“America’s housing market is defined right now by caution,” Chen Zhao, Redfin’s head of economics research, said in the report.

Zhao said potential buyers tend to walk away from deals more often now because of affordability issues, while others are hoping for interest rates to decrease further.

“When both sides hesitate, sales naturally fall to historic lows,” Zhao said.

Nationwide, Virginia Beach, Virginia, topped the list of the 50 most populated U.S. metropolitan areas with the highest turnover rate, with close to 35 out of every 1,000 homes sold during the first nine months of the year. This represented a 5.3 percent year-over-year increase.

Other metro areas with higher turnover rates include Indianapolis, Atlanta, and the Florida cities of West Palm Beach and Tampa. All four areas showed turnovers of more than 30 sales per 1,000 homes listed.

In San Antonio, the turnover rate dropped to 24 sales per 1,000 homes, nearly a 27 percent decline from 2024 and the biggest decrease among the top 50 metropolitan areas. Home demand in the Sun Belt metropolitan regions also fell.

Known for its high housing costs, the New York City metropolitan area registered the lowest turnover rate among all 50 top metros, with just 10 out of every 1,000 homes sold during the first nine months of 2025.

Six high-priced California metros—Los Angeles, San Francisco, San Jose, Anaheim, Oakland, and San Diego—all experienced low turnover sales of 16 and under for every 1,000 homes listed.

Examining the condominium and townhouse market, the report found that just 22 out of every 1,000 condos or townhomes was sold during the first nine months of 2025. The sales turnover rate for these types of homes dropped by more than 3 percent year over year.