Only 2.5 Percent of Homes Changed Hands so Far in 2024, Lowest in 30 Years

Phoenix, Newark, and Nashville are metros with high home turnover rates and are the ‘biggest pool of options’ for buyers.

Homes await buyers in Irvine, Calif., on Sept. 21, 2020. John Fredricks/The Epoch Times

The percentage of U.S. homes that have changed ownership so far this year is at a multi-decade low as high mortgage rates and home prices dampen the housing market, according to a recent report by real estate brokerage Redfin.

In the first eight months of 2024, only 25 out of every 1,000 homes in the United States changed hands, according to the Sept. 30 report. The 2.5 percent home turnover rate is the lowest in at least 30 years.