That's the lowest turnover rate the market has seen in at least three decades, the firm estimated.
Elevated mortgage rates and home prices have been keeping some buyers on the sidelines.
That's the lowest turnover rate for any first-eight-month period in at least 30 years, the firm said, comparing the current housing environment to the early- to mid-90s.
In that era, home sales were at similar levels, though the total supply of homes was larger, which drove a higher turnover rate, the report added.
Homes sales, meanwhile, could notch 4.3 million by the end of the year, a 5% boost from last year's levels, it added.
Persons:
—, Elijah de la, Freddie Mac
Organizations:
Service, San
Locations:
Redfin, Los Angeles, Boston, San Francisco