Homeowners are staying put in San Diego
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Just 1.6% of San Diego homes changed hands in the first nine months of this year, continuing the very low turnover rate trend of the last three years, according to 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.
By the numbers: In 2024, 1.7% of San Diego homes changed hands. In 2023, it was 1.6%.
- That's lower than the average 2.6% from 2019 to 2022.
Nationally, 2.8% of U.S. homes changed hands through September — the lowest turnover rate 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: San Diego's 2025 turnover rate is one of the lowest in the country.
- Only New York (1%), Los Angeles (1.2%), San Francisco (1.3%) and San Jose (1.5%) were lower.
- Sun Belt sales have particularly sagged as the region loses some of its affordability and climate risks grow.
- San Antonio's turnover rate (2.4%) fell furthest among the 50 most populous metros, followed by 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," said Chen Zhao, Redfin's head of economics research, in the report.