Tampa Bay's home sales hit new low
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Some 3.1% of Tampa Bay homes changed hands in the first nine months of this year, down from a 3.6% turnover rate a year ago, 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: Some 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: Sun Belt sales have particularly sagged as the region loses some of its affordability and climate risks grow.
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.