{"id":37295,"date":"2023-07-18T11:27:30","date_gmt":"2023-07-18T15:27:30","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/just-1-of-the-nations-homes-have-changed-hands-this-year-redfin-says\/"},"modified":"2023-07-18T11:27:32","modified_gmt":"2023-07-18T15:27:32","slug":"just-1-of-the-nations-homes-have-changed-hands-this-year-redfin-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37295","title":{"rendered":"\u2018Just 1% of the nation\u2019s homes have changed hands this year,\u2019 Redfin says"},"content":{"rendered":"
\n

Amid mortgage rates near 7%, few homeowners in the U.S. are selling their homes.<\/p>\n

Out of every 1,000 homes in the U.S., only 14 changed hands over the first six months of this year, according to data released Tuesday from real-estate brokerage Redfin
\n RDFN,
\n -2.57%<\/bg-quote>.<\/span>
\n Before the pandemic in 2019, roughly 19 out of every 1,000 homes changed hands.<\/p>\n

\n

In other words, \u201cjust 1% of the nation\u2019s homes have changed hands this year,\u201d Redfin said, which is \u201cthe lowest share in at least a decade.\u201d<\/p>\n

Redfin has tracked turnover as a measure of housing availability since 2012. Instead of looking at how many listings there are \u2014\u00a0or tracking inventory \u2014 this data looks at how often homes change hands.<\/p>\n

The pandemic-era monetary policies that pushed mortgage rates to historic lows created an unforeseen consequence: A surge in rates has caused a lock-in effect that is preventing homeowners from selling their current homes. That has \u201cdepleted already low inventory levels,\u201d Redfin said.\u00a0<\/p>\n

<\/p>\n
\n

\n \u201c<\/span>A surge in rates has caused a lock-in effect that is preventing homeowners from selling their current homes.\u201d<\/span>\n <\/p>\n<\/p><\/div>\n<\/p><\/div>\n

The local housing market where the fewest homes have changed hands this year is the San Francisco Bay Area, according to Redfin.\u00a0<\/p>\n

The company found that year to date, only six out of every 1,000 homes in San Jose, for example, have been turned over to a new owner.<\/p>\n

The turnover rate was similarly very low in other California cities, Redfin said, including Oakland, San Diego and Los Angeles. \u201cCalifornia has the slimmest pickings of any U.S. state,\u201d the company said.<\/p>\n

Part of the reason for the low turnover is due to the state\u2019s unique property-tax law.<\/p>\n

\u201cCalifornia historically has the lowest housing turnover because the state\u2019s tax laws \u2014 namely Proposition 13 \u2014 incentivizes homeowners to stay put by limiting property-tax increases,\u201d Redfin explained.\u00a0<\/p>\n

\u201cToday\u2019s elevated mortgage rates intensify that by giving homeowners two financial incentives to stay put: Low property taxes and comparatively low mortgage rates,\u201d the report added.<\/p>\n

Across the country, homes in Newark, N.J., are changing hands more briskly, Redfin said. In Newark, 24 of every 1,000 homes changed hands during the first half of 2023. Newark was followed by Nashville, Tenn., and Austin, Texas.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Amid mortgage rates near 7%, few homeowners in the U.S. are selling their homes. Out of every 1,000 homes in the U.S., only 14 changed hands over the first six months of this year, according to data released Tuesday from real-estate brokerage Redfin RDFN, -2.57%. Before the pandemic in 2019, roughly 19 out of every […]<\/p>\n","protected":false},"author":1,"featured_media":37296,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-37295","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\n\u2018Just 1% of the nation\u2019s homes have changed hands this year,\u2019 Redfin says | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Amid mortgage rates near 7%, few homeowners in the U.S. are selling their homes. 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