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But despite the high numbers, many Americans are opting to hold on to their properties in 2025.
For others, its amatter of limited housing inventory.
High Mortgage Rates
Mortgage rates for 15- and 30-year fixed-rate loans have declined slightly in recent months.
However, the average rates are still high 6.63% for 30-year loans and 5.79% for 15-year loans.
Todays rates are significantly higher than they were in the past.
Supply Issues
Some Americans arent selling because of supply issues.
If they sell, they might not be able find a new home of equal or better quality.
According to Redfin, there were 1,560,263 homes for sale in January 2025.
This is down from October of last year when there were around 1.9 million homes.
Economy and Job Security
The decision not to sell isnt always just about housing prices or availability.
Sometimes, it comes down to job security and external economic conditions.
In February 2025, thenational unemployment ratewas 4.1%.
This is about on par with last years unemployment rate, but its higher than it was in 2023.
In uncertain times, the safer option is often to wait and see if the economy improves.
Regional or Local Housing Prices
Like anyone else, homeowners want a good deal for their home.
Even though housing prices tend to increase over time, there are sometimes dips.
For example, prices fell slightly in 2024, though theyve since started to rise again.
And again, its not all about falling housing prices.
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