Washington, DC CNN —Just 1% of all US homes changed hands in the first half of this year, the lowest share in at least a decade, according to data from Redfin.
Just 11 of every 1,000 two-and three-bedroom urban homes have changed hands in 2023.
Only 6 of every 1,000 homes in San Jose have sold so far in 2023, similar to the low turnover rates in Oakland and San Diego.
The turnover rate shrank most from the pre-pandemic years in the suburbs, with 16 of every 1,000 four-bedroom or more suburban houses changing hands so far this year, two-thirds as many as 2019.
That’s not happening, because so many of those homeowners have low mortgage rates.”
Persons:
”, Taylor Marr, “, Marr, Heather Mahmood, Corley
Organizations:
DC CNN, Redfin, “, . Workers
Locations:
Washington, “, California, San Jose, Oakland, San Diego, Nashville, Austin, Newark , New Jersey, Phoenix