Reported 7 days ago
A recent report reveals that only 2.5% of U.S. homes changed hands in the first eight months of 2024, marking the lowest turnover rate in over 30 years. High home prices and steep mortgage rates are cited as key factors contributing to this stagnation. The report suggests a significant slowdown in home sales across the country, particularly in metro areas like Los Angeles and Boston, with many potential sellers reluctant to move due to ‘lock-in’ effects of lower mortgage rates locked in before 2022. Experts predict a challenging road ahead for the housing market as a shortage of new home constructions exacerbates affordability issues.
Source: YAHOO