This CA City Has The Lowest Home Turnover Rate In America: Redfin

LOS ANGELES — Los Angeles has the nation’s lowest housing turnover for 2024 so far, and San Francisco isn’t far behind, according to Redfin.

The real estate website analyzed the year’s first eight months of housing turnover across different metro areas and found that 25 of every 1,000 homes in the country changed hands during that time, the lowest rate in at least 30 years.

In Los Angeles, that number was even lower, with a turnover rate of 15.2 sales per 1,000 homes, followed by Boston with 15.6 and San Francisco with 16.6, according to Redfin.

Other California metro areas in the bottom 10 nationally for turnover included Oakland and Anaheim with rates of 17.1, San Jose with 17.3, Sacramento with 18.1 and San Diego with 18.4, the website reported.

“That’s no surprise: California has historically had low housing turnover due to the state’s tax laws, especially proposition 13, which incentivizes homeowners to stay put by limiting property-tax increases,” according to Redfin.

“Despite the lower turnover rate in California, the only major metros to see more homes change hands in 2024, compared to 2023, were the three Bay Area metros — San Jose (+13.1%), San Francisco (+3.5%) and Oakland (+1.6%).”

Nationally, the decrease in turnover is due to elevated mortgage rates, rising prices and low supply, and economic and political uncertainty, the website reported.

Phoenix has the highest turnover rate in the country for the first eight months of 2024, with 37.7 sales per 1,000 homes, according to Redfin.