Homes are turning over more slowly in San Antonio
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The San Antonio area saw the steepest drop in the number of homes that changed hands in the first nine months of this year compared to last year, per a Redfin analysis of the 50 most populous metros.
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.
Zoom in: 2.4% of homes in the San Antonio area changed hands in the first nine months of this year, down nearly 27% from last year.
Zoom out: Some 2.8% of U.S. homes changed owners through September — the lowest turnover rate for the country in at least 30 years.
- That's down a hair from last year, when existing home sales dropped to the lowest level since 1995.
Between the lines: Sun Belt sales have particularly sagged as the region loses some of its affordability and climate risks grow.
- After San Antonio, the turnover rate fell furthest in Charlotte, North Carolina; Jacksonville, Florida; Miami; and Orlando.
- Only three metros analyzed saw faster turnover rates than a year ago: Virginia Beach, Virginia; San Francisco; and Indianapolis.
The bottom line: "America's housing market is defined right now by caution," Chen Zhao, Redfin's head of economics research, said in the report.