Huge Drop In Home Sales = Dire Housing Market

🏡 Let's talk about the current state of the housing market in the U.S. 🇺🇸 According to Redfin, this year's home turnover rate has hit a new low, with just 1% of homes changing hands. This represents the lowest share in at least a decade. 😯 In the first half of 2023, only 14 out of every 1,000 homes were sold, compared to 19 out of every 1,000 during the same period in 2019.

One of the reasons for this decrease is the impact of 2022's soaring mortgage rates. Homeowners were hesitant to sell their properties as they were locked into their relatively lower interest rates. 📉 This trend of reduced turnover rate has been observed across all sizes of homes and neighborhoods over the past four years. However, the suburbs have seen the greatest decline in turnover, with only 16 out of every 1,000 large suburban houses changing hands this year, about two-thirds of the number in 2019. 🏘️

This shortage of home turnover means that home-buyers have a smaller pool of options, making it more challenging to find their ideal homes. 🤔 Don't fret, though! Start your home search today and explore the exciting possibilities in Orlando by visiting HomesInOrlando.ForSale.
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