The U.S. housing market has experienced a significant slowdown in 2024, with just 25 out of every 1,000 homes changing hands, marking the lowest turnover rate in at least 30 years. Redfin data has shown that there were 37% fewer homes sold this year compared to the height of the COVID-19 pandemic buying frenzy, and 31% fewer homes sold compared to 2019. This stagnant market can be attributed to elevated mortgage rates and record-high home prices, creating an environment where potential buyers and sellers are holding off due to economic and political uncertainty.

– U.S. housing market turnover rate hits lowest point in 30 years
– 37% fewer homes sold in 2024 compared to peak pandemic buying frenzy
– Elevated mortgage rates and high home prices contribute to market slowdown
– Buyers and sellers delaying transactions due to economic and political uncertainty
– Turnover rate decline seen across all property types, with condos and townhouses experiencing the biggest drops.

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