The first eight months of the year marked the lowest turnover rate in at least 30 years, according to Redfin, which conducted an analysis of housing turnover by comparing the first eight months of 2024 across different metro areas, home and neighborhood types. It is using turnover as a way to measure housing availability.
Comparatively, there were 37% fewer homes sold this year compared with during the middle of the COVID-19 pandemic buying frenzy. In 2021, 40 of every 1,000 homes changed hands. There were also 31% fewer homes sold compared with 2019, Redfin data showed.
