Americans hold their homes longer and it costs potential home buyers.
The time that U.S. homeowners stay in position has been steadily increasing, one of the main reasons why the inventory of homes for sale is at record lows and prices are almost historic highs.
According to a new real estate brokerage analysis Redfin Corp. The typical 2020 homeowner had remained in place for 13 years, slightly off 12.8 years in 2019 and well ahead of the 8.7-year reading in 2010, according to a new analysis by real estate broker Redfin Corp. lived in the same house for more than 20 years, according to the study.
Home sales skyrocketed last year and reached their highest level in 14 years as the coronavirus pandemic sent many Americans looking for a bigger home where they could work remotely with easier. This was one of the reasons why the average duration of the property was reduced last year.
But concerns about Covid-19 had the opposite effect among potential vendors. Fears of strangers entering their homes during the pandemic caused some people to cancel or delay their plans to list their homes, real estate agents say.