Oct 16, 2024 - Economy
Low home turnover rate, charted
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Only a small sliver of U.S. homes changed hands through August this year, according to Redfin.
Why it matters: This is one more stunning stat that shows just how stagnant the real estate market has been.
The big picture: High home prices, mortgage rates and lack of inventory have made homebuying near impossible. Conditions aren't appealing to sellers, sitting on sub-6% mortgage rates, either.
Zoom out: U.S. metro areas are on track to permit fewer new housing units than last year, thanks to high borrowing costs, Axios' Sami Sparber and Kavya Beheraj report.
What we're watching: Those golden handcuffs may start to fall off if rates drop closer to 5%, experts predict.
