--- title: 'Housing Market Slowdown: Only 1% of Homes Have Changed Ownership This Year' description: Thanks to mortgage rates, there's a big housing market slowdown in 2023 — and only 1% of homes have changed ownership so far this year. authors: - name: Sarah Hansen role: Senior Writer url: https://money.com/author/sarah-hansen/ bio: Sarah Hansen is a senior writer at Money covering all things personal finance. Previously, she covered economic policy and capital markets on the breaking news desk at Forbes. education: Northwestern University, New York University at_money_since: 2021 articles: 347 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes social: - https://www.linkedin.com/in/sarah-m-hansen/ former_staff: true editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2023-07-19T18:31:32.000Z' modified: '2023-07-19T18:33:48.000Z' section: Housing tags: - News word_count: 458 canonical: https://money.com/homes-changed-ownership-2023/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Photo Collage of multiple clips of different houses arranged to form the shape of one big house](https://img.money.com/2023/07/News-Homes-Likely-Sell.jpg) There’s a massive [shortage of houses for sale](https://money.com/why-are-there-no-houses-for-sale/) this year, and buyers are struggling. New [data](https://www.redfin.com/news/housing-turnover-decline-since-pandemic/) from real estate brokerage Redfin shows that just 1% of homes in the United States changed hands in the first half of this year — a paltry 14 out of every 1,000. That’s the lowest rate in a decade. During the same period in 2019, before the pandemic [upended the housing market](https://money.com/housing-crash-housing-bubble-history/), 19 out of every 1,000 homes changed ownership. By Redfin’s calculations, this means that homebuyers have 28% fewer houses to choose from than they did before the pandemic. All homes aren’t created equal when it comes to turnover. Redfin found that buyers searching for large homes in the suburbs have seen the biggest decrease in their options (the turnover rate dropped 33%) compared to 2019. It’s no wonder: These types of homes were extremely popular during the pandemic, when [remote work](https://money.com/reason-high-home-prices-remote-work/) policies allowed urban professionals to leave cities in search of more space at a more affordable price. On the other hand, the turnover rate for urban condos and townhouses didn’t drop nearly as much (16%) between 2019 and 2023. Mid-sized single family homes (those with 2 or 3 bedrooms) in urban areas have been hardest for buyers to find, according to Redfin. Just 10.6 out of 1,000 changed hands at the beginning of this year, compared to 14.2 out of every 1,000 in 2019. Redfin’s experts say these types of homes have always been rare in all types of neighborhoods, because they aren’t as profitable for builders and families tend to hold onto them for longer. ## Shopping for a new home? Find out how much you can afford today. ### Mortgage Experts at Rocket Mortgage (NMLS #3030) are available to get you started on your home-buying journey with solid advice and priceless information. To find out more, click on your state today. [View Rates](https://money.com/pr/u1bd42af4e5f?ap_referrer=%2Fhomes-changed-ownership-2023%2F) ## Why is it so hard to find a house for sale? One of the biggest reasons for the huge drop in housing turnover is the state of [mortgage rates](https://money.com/current-mortgage-rates/), which are hovering near 7% today compared with roughly half that number before the pandemic. Higher mortgage rates mean that many would-be sellers are opting to stay put rather than list their homes and be [forced into a mortgage](https://money.com/low-mortgage-rates-trap-home-sellers/) with a rate that's significantly higher what they already have. And that’s a big problem for buyers: Nearly a third of realtors named the inventory shortage as the most important factor preventing their clients from making a home purchase, a recent [survey](https://www.nar.realtor/newsroom/nearly-one-third-of-realtors-say-lack-of-inventory-stopped-clients-from-buying-homes-in-2022) by the National Association of Realtors found. Falling rates could help ease some of the pain, experts say. “Mortgage rates dropping closer to 5% would make the biggest dent in the affordability crisis,” Redfin deputy chief economist Taylor Marr said in a blog post, “by freeing up some inventory and bringing monthly payments down.” ## Buy your new home with more convenience and less hassle ### A Mortgage Expert at Rocket Mortgage (NMLS #3030) can lend you a hand for a smoother process. Your dream home is possible. Click below to make it happen. [View Rates](https://money.com/pr/u918d32af718?ap_referrer=%2Fhomes-changed-ownership-2023%2F) ![](https://s3.consumersadvocate.org/prd/image/image/26681/medium_57f09f10-efb8-487d-a73e-5f7d605144eb.png) Imagine finally owning your dream home — Rocket Mortgage (NMLS #3030) can help! [View Rates](https://money.com/pr/t39f99e0e0ab?ap_referrer=%2Fhomes-changed-ownership-2023%2F) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/homes-changed-ownership-2023/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Housing", "item": "https://money.com/housing/" }, { "@type": "ListItem", "position": 3, "name": "Home Buying", "item": "https://money.com/home-buying/" }, { "@type": "ListItem", "position": 4, "name": "Housing Market Slowdown: Only 1% of Homes Have Changed Ownership This Year" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/homes-changed-ownership-2023/#webpage", "url": "https://money.com/homes-changed-ownership-2023/", "name": "Housing Market Slowdown: Only 1% of Homes Have Changed Ownership This Year", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-07-19T18:31:32.000Z", "mainEntity": { "@id": "https://money.com/homes-changed-ownership-2023/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/homes-changed-ownership-2023/#breadcrumb" }, "dateModified": "2023-07-19T18:33:48.000Z" }, { "@type": "NewsArticle", "headline": "Housing Market Slowdown: Only 1% of Homes Have Changed Ownership This Year", "articleSection": "Housing", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/07/News-Homes-Likely-Sell.jpg", "width": 2944, "height": 1965, "caption": "News-Homes-Likely-Sell" } ], "author": [ { "@type": "Person", "name": "Sarah Hansen", "url": "https://money.com/author/sarah-hansen/", "@id": "https://money.com/author/sarah-hansen/#author", "description": "Sarah Hansen is a senior writer at Money covering all things personal finance. 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