More Denver homeowners are staying put
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Denver's housing market seems stuck, even as mortgage rates ease and inventory climbs.
Why it matters: When homeowners don't move, first-time buyers can't buy, move-up buyers can't trade up, and seniors can't downsize.
By the numbers: 2.7% of Denver metro area homes changed hands in the first nine months of this year, down from 4.1% in 2019, according a recent Redfin analysis.
- That percentage has largely stayed flat since 2023, the latest sign of how Denver real estate has cooled since the housing market was white hot during the pandemic.
The big picture: Nationally, homes are selling "at historically low rates" as costs stay high, homeowners cling to cheaper mortgages, and economic uncertainty makes shoppers hesitate, per Redfin.
- About 2.8% of U.S. homes changed hands through September — the lowest turnover rate in at least 30 years.
What they're saying: "America's housing market is defined right now by caution," said Chen Zhao, Redfin's head of economics research, in the report.