Only 2.8% of U.S. homes sold in 2025 — the lowest turnover rate since the 1990s — and first-time buyers just hit a record low at 21%.

Why is this happening? What does it mean for buyers + sellers?

Here, I break down:

✅ Why turnover is so low

✅ How low inventory + affordability are reshaping the market

✅ Advice for buying + selling in 2025