The rate of housing turnover in the United States has dropped to the lowest level in decades.

On September 30th, Jinshi data reported that according to Redfin data, in the first 8 months of 2024, only 25 out of every 1000 houses in the United States were sold, which is the lowest turnover rate in decades. The number of houses sold this year decreased by 37.5% compared to the buying frenzy during the pandemic in 2021, with only 40 out of every 1000 households, a 31% decrease from 36 households per 1000 in 2019. The turnover rate of houses is at a historical low, and there are many reasons for this, including rising mortgage interest rates, rising prices, insufficient supply, and economic and political uncertainties. In the first 8 months of this year, the proportion of listed houses for sale has also declined to the lowest level since at least 2012.