{"id":78623,"date":"2024-09-30T03:00:32","date_gmt":"2024-09-30T10:00:32","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78623"},"modified":"2024-09-27T10:18:14","modified_gmt":"2024-09-27T17:18:14","slug":"home-sales-turnover-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/home-sales-turnover-2024\/","title":{"rendered":"Just 2.5% of U.S. Homes Changed Hands This Year, The Lowest Rate in Decades"},"content":{"rendered":"<ul>\n<li><strong><i>Only 2.5% of U.S. homes changed hands in the first eight months of 2024.<\/i><\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>The rate of home sales and home listings are both down at least 30% from 2019.<\/i><\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>California metros lead the list of areas with the lowest turnover, while Sun Belt and New York commuter metros posted highest turnovers.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-size: 16px; font-weight: 400;\">Just 25 out of every 1,000 U.S. homes changed hands in the first eight months of 2024, the lowest turnover rate in decades.<\/span><br \/>\n<i><\/i><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-78624 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/historical_sales_turnover_2012_2024-1-e1727456175389.png\" alt=\"\" width=\"650\" height=\"434\" \/><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s according to a Redfin analysis of housing turnover comparing the first eight months of 2024 across different metro areas, home and neighborhood types. We\u2019re using turnover as a measure of housing availability; it indicates how often homes are sold in a given area. See the end of this report for more details on methodology.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Our analysis used data from between 2012-2024, but zooming out further, this year\u2019s turnover rate is the lowest in at least the past 30 years. Existing home sales were similar in the early-mid 1990s, but the number of homes that existed was much smaller\u2014meaning the turnover rate was higher.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There were 37.5% fewer homes sold this year than during the middle of the pandemic buying frenzy in 2021 (40 of every 1,000) and 31% fewer homes sold than during the last pre-pandemic year in 2019 (36 of every 1,000).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Homes are changing hands at historically low rates for a number of interconnected reasons, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Elevated mortgage rates:<\/b><span style=\"font-weight: 400;\"> More than <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rate-lock-in-housing-2024\/\"><span style=\"font-weight: 400;\">three-quarters<\/span><\/a><span style=\"font-weight: 400;\"> of mortgaged U.S. homeowners have secured a rate under 5%, well below the rates on offer this year, which peaked at <\/span><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\/30-year-fixed\"><span style=\"font-weight: 400;\">7.52%<\/span><\/a><span style=\"font-weight: 400;\"> in April. This has prompted many homeowners to hold off on selling and buying another home using a higher rate, a phenomenon known as the \u201clock-in effect.\u201d Rates fell to the low 6% range in August, but the drop has not yet resulted in a significant uptick in sales.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Rising prices and low supply:<\/b><span style=\"font-weight: 400;\"> U.S. home prices have hit record highs this year, with just enough buyer demand to keep prices consistently <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-price-index-august-2024\/\"><span style=\"font-weight: 400;\">ticking up<\/span><\/a><span style=\"font-weight: 400;\">. While the number of homes on the market has increased from a year ago, there are far fewer homes listed for sale compared to pre-pandemic levels.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Economic and political uncertainty:<\/b><span style=\"font-weight: 400;\"> Many buyers and sellers have taken a wait-and-see approach this year amid talk of a possible recession and ahead of a closely fought U.S. Presidential election between two candidates with contrasting economic and housing policies. Many are also taking their time to better understand the <\/span><a href=\"https:\/\/www.redfin.com\/news\/redfin-agents-report-nar-rules-negotiation\/\"><span style=\"font-weight: 400;\">new rules<\/span><\/a><span style=\"font-weight: 400;\"> relating to real estate agent fees.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u201cMortgage rates have already fallen more than one percentage point from their 2024 peak, but we have not yet seen a significant increase in the number of homes changing hands. Of the homes listed this year, many have <\/span><a href=\"https:\/\/www.redfin.com\/news\/sales-speed-stale-listings-august-2024\/\"><span style=\"font-weight: 400;\">gone stale<\/span><\/a><span style=\"font-weight: 400;\"> because of the lack of demand\u2014especially homes which needed a little extra work,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/elijah-delacampa\/\"><span style=\"font-weight: 400;\">Elijah de la Campa<\/span><\/a><span style=\"font-weight: 400;\">. \u201cWith the majority of homeowners locked into low mortgages, rates will need to keep falling consistently for many to feel comfortable moving on from the deals they secured years ago.\u201d<\/span><\/p>\n<h3><strong>Listings are also at the lowest level in over a decade<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">The rate of homes being <\/span><i><span style=\"font-weight: 400;\">listed <\/span><\/i><span style=\"font-weight: 400;\">for sale also fell in the first eight months, to the lowest level since at least 2012, the earliest year with listings data available.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just 32 out of every 1,000 homes were listed for sale in the first eight months of 2024. That rate is down 30% from before the pandemic in 2019 (46 listings per 1,000 homes) and 29% down from during the pandemic-driven buying spree in 2021 (45 listings per 1,000 homes).<\/span><\/p>\n<h3><img decoding=\"async\" class=\"alignnone size-full wp-image-78625\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/historical_listings_turnover_2012_2024-1-e1727456238519.png\" alt=\"\" width=\"650\" height=\"433\" \/><\/h3>\n<h3><strong>Homes in suburban and rural areas change hands slightly more often than urban homes<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Around 25 out of every 1,000 single family homes and condos\/townhouses in suburban and rural areas sold in the first eight months of the year, a slightly higher clip than the roughly 24 out of every 1,000 homes which sold in urban areas.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-78626\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/sales_turnover_2019_2024-e1727456302714.png\" alt=\"\" width=\"650\" height=\"433\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Since 2019, the turnover rate for single family homes in suburban and rural areas dropped 32.9%, while condos\/townhouses dropped 37.6%. In comparison, the turnover rate for single family homes in urban areas dropped 25.8%, while the rate for condos\/townhouses fell 35.2%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Looking at the change over just the past year, the turnover rate has fallen across all property types in all areas, with condos\/townhouses seeing the biggest declines overall. This is because<\/span><span style=\"font-weight: 400;\"> condo inventory <\/span><a href=\"https:\/\/www.redfin.com\/news\/condo-supply-rises-florida-texas-2024\/\"><span style=\"font-weight: 400;\">increased nationwide<\/span><\/a><span style=\"font-weight: 400;\">, with sales falling due to rising HOA and insurance costs.<\/span><\/p>\n<h3><strong>Homebuyers have the biggest pool of options in Phoenix and Newark, NJ<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">A number of Sun Belt cities and metros adjacent to New York led the list of major metros with the highest turnover rate, based on our analysis of the 50 most-populous metros.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Phoenix saw the most turnover of the major metros, with 38 out of every 1,000 homes changing hands. It was followed by Newark, NJ (37 of every 1,000), Nashville, TN (36 of every 1,000) and Tampa, FL (35 of every 1,000).\u00a0\u00a0<\/span><\/p>\n<p><strong><i>Metro Areas With Highest Turnover<\/i><\/strong><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Metro Area<\/b><\/td>\n<td><b>2024 Sales<\/b><\/p>\n<p><b>(Per 1,000 Homes)<\/b><\/td>\n<td><b>2019 \u2192 2024\u00a0<\/b><\/p>\n<p><b>Difference<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.7<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-43.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Newark, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">36.7<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-41.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">36.4<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-46.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-35.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nassau County, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.2<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-33.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">St. Louis, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-28.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.9<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-49%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.6<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-29.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.7<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-45.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-20.3%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">Those same three cities also topped the list in 2019\u2014albeit in a slightly different order. Sun Belt metros like Phoenix and Nashville maintained relatively strong activity throughout the pandemic, as workers looked for affordable places to live and work from home. Commuter metros like Newark and Nassau County, NY continue to turn over at a higher rate due to the appeal of suburban living close to New York.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Every metro area saw at least 10% fewer homes change hands this year compared to 2019, but San Jose, CA recorded the smallest drop (-13.7%), followed by San Francisco (-18.1%) and Detroit (-14.6%), which also jumped to 10th on the list of major metros with the highest turnover.<\/span><\/p>\n<h3><strong>Homes change hands least often in Los Angeles<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">California contains seven of the 10 metros with the lowest turnover levels in the first eight months of the year. Los Angeles had the lowest turnover rate of any metro we analyzed, with only 15 out of every 1,000 homes changing hands this year.<\/span><\/p>\n<p><strong><i>Metro Areas With Lowest Turnover<\/i><\/strong><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Metro Area<\/b><\/td>\n<td><b>2024 Sales<\/b><\/p>\n<p><b>(Per 1,000 Homes)<\/b><\/td>\n<td><b>2019 \u2192 2024\u00a0<\/b><\/p>\n<p><b>Difference<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.2<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-32%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.6<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-37.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Francisco, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.6<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-18.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Oakland, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-32.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Anaheim, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-33.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Jose, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.3<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-13.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.5<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-41.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Montgomery County, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.9<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-36.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-39.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.4<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-38.4%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">That\u2019s no surprise: California has historically had low housing turnover due to the state\u2019s tax laws, especially <\/span><a href=\"https:\/\/edsource.org\/2022\/californias-prop-13s-unjust-legacy-detailed-in-critical-study\/674412\"><span style=\"font-weight: 400;\">proposition 13<\/span><\/a><span style=\"font-weight: 400;\">, which incentivizes homeowners to stay put by limiting property-tax increases.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite the lower turnover rate in California, the only major metros to see more homes change hands in 2024, compared to 2023, were the three Bay Area metros\u2014San Jose (+13.1%), San Francisco (+3.5%) and Oakland (+1.6%).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Austin saw the biggest decrease in turnover rate from five years ago, recording 30 sales for every 1,000 homes this year, a 49% drop from 59 of every 1,000 in 2019.\u00a0<\/span><\/p>\n<h3><strong>Major Metro Analysis<\/strong><\/h3>\n<table>\n<tbody>\n<tr>\n<td colspan=\"4\"><b>Housing Turnover by Metro Area: January-August\u00a0<\/b><\/p>\n<p><i><span style=\"font-weight: 400;\">50 most populous U.S. metros<\/span><\/i><\/td>\n<\/tr>\n<tr>\n<td><b>Metro Area<\/b><\/td>\n<td><b>2024 Sales<\/b><\/p>\n<p><b>(Per 1,000 Homes)<\/b><\/td>\n<td><b>2019 Sales<\/b><\/p>\n<p><b>(Per 1,000 Homes)<\/b><\/td>\n<td><b>2019 \u2192 2024<\/b><\/p>\n<p><b>Difference<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Anaheim, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.6<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-33.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Atlanta, GA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22.6<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.4<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-45.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.9<\/span><\/td>\n<td><span style=\"font-weight: 400;\">58.7<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-49.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24.1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-31.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.6<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-37.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.7<\/span><\/td>\n<td><span style=\"font-weight: 400;\">43.9<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-41.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.2<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.5<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-31.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cincinnati, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22.2<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.4<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-31.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.5<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-21.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Columbus, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.5<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.6<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-28.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dallas, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24.9<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.5<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-35.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.6<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-29.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.3<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-20.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Lauderdale, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24.5<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.7<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-34.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Worth, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.2<\/span><\/td>\n<td><span style=\"font-weight: 400;\">43.1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-36.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Houston, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.9<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-35.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Indianapolis, IN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.4<\/span><\/td>\n<td><span style=\"font-weight: 400;\">45.0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-43.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.7<\/span><\/td>\n<td><span style=\"font-weight: 400;\">52.4<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-45.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Kansas City, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40.6<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-31.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Las Vegas, NV<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.7<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-34.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.2<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22.4<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-32.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.3<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-29.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Milwaukee, WI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.7<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.8<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-33.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24.6<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.3<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-37.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Montgomery County, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.9<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.2<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-36.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">36.4<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.9<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-46.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nassau County, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.2<\/span><\/td>\n<td><span style=\"font-weight: 400;\">46.7<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-33.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New Brunswick, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.8<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.4<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-39.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40.6<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-33.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Newark, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">36.7<\/span><\/td>\n<td><span style=\"font-weight: 400;\">62.7<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-41.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Oakland, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.2<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-32.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.9<\/span><\/td>\n<td><span style=\"font-weight: 400;\">44.4<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-39.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.5<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.8<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-26.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.7<\/span><\/td>\n<td><span style=\"font-weight: 400;\">66.3<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-43.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pittsburgh, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.8<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.7<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-23.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.2<\/span><\/td>\n<td><span style=\"font-weight: 400;\">36.9<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-37.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.5<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.6<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-41.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Riverside, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.4<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.5<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-40.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-39.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Antonio, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.9<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.6<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-41.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.4<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.9<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-38.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Francisco, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.6<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.2<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-18.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Jose, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.3<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-13.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.3<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-42.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">St. Louis, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-28.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">54.4<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-35.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Virginia Beach, VA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.4<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.8<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-34.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Warren, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22.8<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.7<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-32.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, DC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.3<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.6<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-38.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">West Palm Beach, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.3<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-34.7%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><b>Methodology<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">This is according to a Redfin analysis of turnover rates, based on MLS data, county records, and the <\/span><a href=\"https:\/\/www.huduser.gov\/portal\/AHS-neighborhood-description-study-2017.html#small-area-tab\"><span style=\"font-weight: 400;\">HUD\u2019s <\/span><span style=\"font-weight: 400;\">urbanization perceptions small area index<\/span><\/a><span style=\"font-weight: 400;\">. The turnover rate is defined as the number of homes that are sold divided by the total number of sellable properties (single-family, condos\/co-ops, and townhomes, only) that exist in a certain place in a given year. The analysis compares turnover rates during the first eight months of the year beginning in 2012, which is as far back as Redfin\u2019s data goes. This analysis was limited to the 50 most populous metropolitan divisions in the U.S.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Only 2.5% of U.S. homes changed hands in the first eight months of 2024. The rate of home sales and home listings are both down at least 30% from 2019. California metros lead the list of areas with the lowest turnover, while Sun Belt and New York commuter metros posted highest turnovers. Just 25 out [&hellip;]<\/p>\n","protected":false},"author":13568,"featured_media":78627,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[623],"coauthors":[682,660],"class_list":["post-78623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Just 2.5% of U.S. Homes Changed Hands This Year<\/title>\n<meta name=\"description\" content=\"Just 25 out of every 1,000 U.S. homes changed hands in the first eight months of 2024, the lowest turnover rate in decades. 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