Core Insights - The U.S. home turnover rate has reached its lowest level in nearly 30 years, with only 28 out of every 1,000 homes changing hands between January and September [1][2] - The current turnover rate is approximately 30% lower than the average rate from 2012 to 2022, indicating that homeowners are remaining in their homes longer [3] - Economic factors such as a stagnant job market and high mortgage rates are contributing to the low home sales activity [4][6] Economic Context - The U.S. job market has shown signs of weakness, with only 22,000 jobs added in August and a reported loss of 32,000 jobs in September, raising concerns about economic stability [4][5] - Major companies like Microsoft, General Motors, Amazon, and Target have announced job cuts, further impacting consumer confidence and home sales [5] - The housing market has been in decline since 2022, coinciding with rising mortgage rates that have deterred potential sellers [6] Housing Market Dynamics - Many homeowners who secured low mortgage rates in 2020 and 2021 are reluctant to sell due to the current high borrowing costs [6] - Sales of previously occupied homes have dropped to their lowest levels in nearly 30 years, although there was a slight acceleration in sales last month as mortgage rates eased [7] - Despite lower mortgage rates improving purchasing power, the median sales price of previously occupied homes has increased by 53% over the past six years, making affordability a significant issue for many buyers [8]