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Only 1% of Homes Have Traded Hands This Year

  • July 19th

by UrbanTurf Staff

A new report out this week illustrates the current shortage of homes for sale from the standpoint of homes trading hands.

New data from Redfin finds that just 1% of homes traded so far this year, the lowest level in a decade.

"Roughly 14 of every 1,000 U.S. homes changed hands during the first six months of 2023, down from 19 of every 1,000 during the same period of 2019 and the lowest turnover rate in at least a decade," the Redfin report found. "That means prospective homebuyers have 28% fewer homes to choose from than they did before the pandemic upended the U.S. housing market."

The report finds that the turnover rate for larger suburban houses has dropped even more. In the first six months of 2023, 16 of every 1,000 suburban homes with at least four bedrooms turned over to a new owner, compared to 24 of every 1,000 in 2019.

In the DC region, the inventory of homes for sale is down 20% compared to last June, and home sales are down a comparable 19%. 

This article originally published at https://dc.urbanturf.com/articles/blog/only_1_of_homes_have_traded_hands_this_year/21273.

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