Homebuyers’ demand just dropped again in late 2025 – showing that the U.S. Housing Market downturn is getting worse. NAR’s pending sales index just dropped -1.2% from last year, and is down -27% from the long-term norm. Homebuyers are on strike, and the market has gotten so bad that sellers are now quitting.
- The number of homes changing hands in the US is at a multi-decade low.
- The turnover rate for US homes dropped to its lowest level in at least 30 years, Redfin said.
- That’s partly due to the market’s rate-lock problem, with sellers still clinging to low-rate mortgages.
The pace at which US homes are changing owners dropped to the lowest in at least 30 years, according to a new Redfin analysis of MLS and public records data.
The real estate listings site estimated that around 28 out of every 1,000 homes in the US changed hands in the first nine months of the year. That’s the lowest turnover rate the housing market has seen year-to-date since at least the 1990s, the firm said in a report last week.