Tampa Bay's home turnover rate falls in stagnant real estate market
Add Axios as your preferred source to
see more of our stories on Google.
Only a small sliver of Tampa Bay 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.
By the numbers: Tampa Bay's turnover rate is 3.5%, a percentage point higher than the national average but the region's lowest since at least 2012.
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.
- The majority of Tampa Bay housing was built in the 1980s.
What we're watching: Homeowners may list, especially if rates fall closer to 5%, experts predict.