Americans staying put: US home turnover rate at lowest level in decades as housing slump drags on
By ALEX VEIGA
LOS ANGELES (AP) — The number of U.S. homes that typically change hands as people relocate for work, retire or trade-up for more living space hasn’t been this low in nearly 30 years.
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About 28 out of every 1,000 homes changed hands between January and September, the lowest U.S. home turnover rate going back to at least the 1990s, according to an analysis by Redfin.
The home turnover rate represents the number of homes sold, divided by the total number of existing sellable properties. While sales data show whether more or fewer homes are selling in a given period, the home turnover rate helps illustrate how homeowners are staying put longer.