Homeowners are staying put in Pittsburgh

Just 1.8% of Pittsburgh-area homes changed hands in the first nine months of this year — down from about 2.4% in 2021 and extending a low turnover trend seen locally and nationally over the past three years, per a Redfin analysis.

Why it matters: Nationally, homes are selling "at historically low rates" as costs stay high, homeowners cling to cheaper mortgages, and economic uncertainty makes shoppers hesitate, per the real estate site.

• Pittsburgh's home prices — still among the nation's lowest — are steadily rising.

Zoom in: Home sales in the Pittsburgh metro area dipped in the first nine months of this year, falling to 18.1 per 1,000 homes from 18.5 during the same period in 2024.

By the numbers: Some 2.8% of U.S. homes changed hands through September — the lowest turnover rate in at least 30 years.

Zoom out: Sun Belt sales have particularly sagged as the region loses some of its affordability and climate risks grow.

• New York (1%), Los Angeles (1.2%), San Francisco (1.3%) and San Jose (1.5%) have among the lowest turnover rates in the nation.

The bottom line: "America's housing market is defined right now by caution," said Chen Zhao, Redfin's head of economics research, in the report.