The number of U.S. homes that typically changes hands as people relocate for work, retire or trade-up for more living space hasn’t been this low in nearly 30 years. That's according to an analysis by Redfin, which found that only 28 out of every 1,000 homes changed hands between January and September. This decline suggests homeowners are staying put longer amid rising worry about the job market and economy, and affordability constraints to homeownership despite easing mortgage rates. The job market has slowed, with U.S. employers adding fewer jobs recently. Many homeowners are also reluctant to sell because they secured low mortgage rates in 2020 and 2021, making current rates less appealing.
