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Just 1% of all US homes changed hands so far this year | CNN Business

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Just 1% of all US homes changed hands in the first half of this year, the lowest share in at least a decade, according to data from Redfin

Only about 14 out of every 1,000 existing homes moved from one owner to another in the first half of 2023, compared to 19 of every 1,000 during the same period in 2019. That means home buyers have 28% fewer homes to pick from than before the pandemic upended the US housing market. The pre-pandemic turnover rate is fairly typical for the modern housing market, according to Redfin, but a more active market would have a rate closer to 40 or 50 of every 1,000.

“Building more housing is imperative, and federal and local governments can help by reforming zoning and making the building process easier,” he said. “Financial incentives, like reducing transfer taxes for home sellers and subsidizing major moves with tax breaks, would also add to supply.” Smaller homes are the hardest to find The hardest kind of home to find is a smaller home in an urban area. Just 11 of every 1,000 two-and three-bedroom urban homes have changed hands in 2023.

 

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