The real estate firm Redfin indicated in a recently published report that US housing turnover rate fell to lowest level in 30 years since 25 out of every 1,000 homes changed owners in 2024.
Since they increased Mortgage rates at almost 8% many homeowners have walked away from the housing marketThis represents one of the reasons why the market has remained stagnant, which also caused real estate prices to rise due to lack of inventory.
According to Redfin analysis so far this year 37% fewer homes have been sold than during the covid-19 pandemic when approximately 40 out of every 1,000 homes changed owners.
Although mortgage rates have cooled in recent months and are currently in the 6% range, for Scott Harris, associate broker at The Harris Residential Team, the real estate market still remains “stagnant and will take a while to recover as much.” for buyers and sellers,” he said.
However, according to Harris, the good news is that buyers remain enthusiastic about falling mortgage rates, while sellers face a different panorama since many have mortgages below 4%but if rates continue to fall, the specialist mentioned that it could become an “interesting environment again for these sellers.”
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