The U.S. housing market has all but frozen in place. Only 28 out of every 1,000 homes (2.8%) have changed hands this year, marking the lowest turnover rate in at least three decades, according to a new report from Redfin, the brokerage powered by Rocket.
Redfin’s analysis covering 2012–2025 shows that while today’s home sales mirror those of the mid-1990s, the number of total homes has grown, meaning far fewer are actually selling now than ever before.
Nearly 40% Fewer Homes Sold Than During the Pandemic Boom
The 2025 turnover rate (2.77%) dipped slightly from 2.78% in 2024, when existing home sales hit a 30-year low. Compared with the frenzy of 2021, 37.7% fewer homes have sold this year, and sales are down 31% from 2019, the last pre-pandemic year.
Why so few sales? Redfin points to a mix of affordability, fear, and financial lock-in:
- Affordability crunch: High prices and elevated mortgage rates have sidelined countless buyers.
- “Rate-locked” sellers: Over 70% of homeowners hold mortgage rates below 5%, making them reluctant to sell and take on higher payments.
- Economic uncertainty: Inflation, job security worries, and market unease have made both buyers and sellers cautious.
“America’s housing market is defined right now by caution,” said Chen Zhao, Redfin’s head of economics research. “Buyers are walking away or waiting, while sellers stay put. When both sides freeze, sales hit historic lows.”
🏡 A Slight Uptick in Listings — But Still Far Below Normal
There’s been a faint thaw: 39 out of every 1,000 homes were listed for sale in the first nine months of 2025, up slightly from 2024’s 3.7% but still among the slowest rates on record. Listings remain down 25% from 2019 and 24% from 2021.
Condos and townhouses continue to struggle. Only 22 out of every 1,000 condos/townhomes sold this year — a 3.3% drop year over year, compared to nearly 30 of every 1,000 single-family homes.
🌴 Where Homes Are Selling Fastest
Some metros are still moving. Virginia Beach, VA leads the nation with 35 sales per 1,000 homes, followed by:
- West Palm Beach, FL – 32.6
- Tampa, FL – 31.2
- Indianapolis, IN – 30.3
- Atlanta, GA – 30.1
Only a handful of major metros saw sales improve year over year — Virginia Beach (+5.3%), San Francisco (+2.6%), and Indianapolis (+1.4%).
🚫 Where Homes Barely Budge
At the other extreme, New York sits at the bottom with just 10.3 sales per 1,000 homes, followed by several California metros:
- Los Angeles: 11.5
- San Francisco: 13.2
- San Jose: 14.8
- Anaheim: 15.5
- Oakland: 15.9
- San Diego: 16.3
Experts say California’s Proposition 13, which caps property-tax increases, is one reason homeowners stay put for decades. But future tax code adjustments, like the SALT cap increase, could eventually unlock more inventory.
In Conclusion-
The 2025 market is one of hesitation and holdouts. With prices still high, rates above 6%, and homeowners clinging to pre-pandemic mortgages, the American housing market has effectively gone still, a rare freeze not seen in more than a generation.