California Metro Areas Among the Nation’s Lowest in Home Turnover Rate

Published on November 9, 2024

Relocations and life changes typically keep the housing market active as people move from house to house. This year, however, elevated mortgage rates, rising home prices, and economic uncertainty have slowed that turnover significantly, especially in California’s metro areas. A September analysis from Redfin shows the U.S. home turnover rate—which indicates how often homes are sold in a given area—has hit a 30-year low, with only 25 of every 1,000 homes changing hands in the first eight months of 2024. “Mortgage 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,” Redfin Senior Economist Elijah de la Campa said in the report....

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