The US home turnover rate in the first half of 2023 has fallen to the lowest in at least a decade as high mortgage rates compel owners to stay put, Redfin Corp. said.
Archive link: https://archive.ph/xbSQN
The US home turnover rate in the first half of 2023 has fallen to the lowest in at least a decade as high mortgage rates compel owners to stay put, Redfin Corp. said.
Archive link: https://archive.ph/xbSQN
I definitely agree that this isn’t surprising. Honestly the biggest factor for me is just the fed rates making mortgage rates ridiculous. This slowdown in home turnover was basically engineered by the fed in order to slow down the rapid home inflation we were seeing as everything reopened from the pandemic.
Still, it’s something worth putting out there so everyone’s aware of what’s happening.