U.S. Housing Market Hits New Low as Homes Stay Put

In 2024, just 2.5% of U.S. homes have changed hands, marking the lowest turnover rate in at least three decades, according to Redfin’s latest analysis. The housing market, once a hub of activity, has slowed to a crawl as a toxic cocktail of record-high home prices and sky-high mortgage rates keeps would-be buyers locked out.

This standoff between sellers clinging to high prices and buyers reeling from affordability issues has ground the market to a halt. With the American dream that we’ve all been promised begins to feel more out of reach than ever and the dreams of owning a home and starting a family becoming increasingly difficult.

However, there’s a glimmer of hope: the Federal Reserve’s recent interest rate cut could provide the spark the housing market desperately needs. Whether it’ll be enough to thaw the freeze remains to be seen. For now, the market limps along, waiting for the moment when homeownership is no longer a luxury few can afford.