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67 February 2025 J O U R N A L February 2025 » more likely to claim they will never sell. Compared to 34% of Gen X homeown- ers and 28% of millennial/Gen Z home- owners, some 43% of baby boomer homeowners say they will never sell. Despite a little increase in recent months, new postings are still below pre-pandemic levels in parts of the coun- try because the majority of homeowners say they will never sell. According to a recent Redfin report, the first eight months of 2024 saw the lowest turnover rate in decades, with only 25 out of 1,000 U.S. homes changing hands. Key Findings From September's Housing Turnover Analysis: • Only 2.5% of U.S. homes changed hands in the first eight months of 2024. • The rate of home sales and home listings are both down at least 30% from 2019. • California metros lead the list of areas with the lowest turnover, while Sun Belt and New York com- muter metros posted the highest turnovers. • Some 31% fewer homes were sold this year than in the previous pre-pandemic year in 2019 (36 of every 1,000). • An estimated 37.5% fewer homes were sold this year than during the peak of the pandemic buying frenzy in 2021 (40 of every 1,000). Despite a small spike in recent months, new listings of homes for sale are still below pre-pandemic levels in parts of the country because the majority of homeowners say they will never sell. There are several significant rea- sons why home sales are at historically low rates, including: • Elevated mortgage rates: The rates accessible this year, which peaked at 7.52% in April, are much higher than the 5% rate that more than three-quarters of mortgaged U.S. homeowners have obtained. A phenomenon known as the "lock- in effect" has resulted in many homeowners delaying the sale of their current property in favor of purchasing a new one at a higher rate. In August, rates dropped to the low 6% area, although sales haven't increased significantly as a result of the decline. • Rising prices and low supply: This year, home prices in the United States have reached all-time highs, and there is just enough demand from buyers to keep prices rising steadily. There are much fewer properties for sale than there were before the pandemic, even if the number of residences on the market has increased from a year earlier. • Economic and political uncer- tainty: Amidst concerns about a potential recession and a fiercely contested U.S. presidential race between two candidates with op- posing economic and housing agen- das, many buyers and sellers have