America’s housing market just pulled a Halloween trick: almost nobody moved. With only 28 of every 1,000 homes changing hands, it’s less “hot market” and more “museum exhibit”… Please don’t touch! Grab your lattes; this week is all about monetizing stillness.

Story: Apparently homeowners are clinging to those 3% loans like a rug that really ties the room together. Only 2.8% of U.S. homes changed hands in the first nine months of 2025, the lowest turnover since the 1990s. Transactions are down 38% compared to the 2021 frenzy and 31% below 2019 levels, as affordability concerns bite, sellers cling to sub-5% mortgages (over 70% of mortgaged owners), and economic jitters keep both sides on the sidelines. Listings ticked up slightly to 3.9% of homes, but it’s still the third-slowest new-listing pace since 2012. Markets with the most churn: Virginia Beach and West Palm Beach; the least: New York and Los Angeles.

So What? Low turnover is a double-edged sword for investors: fewer comps and slower deal flow, but also more leverage with motivated sellers and stickier tenants (higher retention, lower make-ready costs). If you own, the “do nothing” yield—refis, renewals, light value-add—looks better than playing musical chairs. If you’re buying, your edge is structure: interest-rate buydowns, seller credits, assumable loans, or creative financing can often beat price haggling in a market where sellers are reluctant to budge.

What’s Next? Watch three dials: (1) Mortgage rates (hovering just above 6%, each 25 bps swing stirs demand/supply differently), (2) New-listing momentum (a sustained rise would thaw pricing power), and (3) Job data (a softer labor print could pull rates down and nudge buyers back). Near-term, expect choppy seasonality and hyper-local pockets of dealmaking. Medium-term, any decisive move in rates or listings will quickly reset pricing psychology.

Source: Redfin

The rental market in 2025 looks very different than it did just a year ago. Shifting demand, evolving renter expectations, and regional price fluctuations are forcing landlords and investors to rethink how they lease their properties. In this live webinar, Evernest experts will walk you through the latest data and insights shaping today’s rental landscape—and how to use that information to your advantage. You’ll learn:

Whether you self-manage your rental or work with a professional property manager, this session will equip you with actionable strategies to lease faster, smarter, and with confidence in any market.

Top Weekly Stories:

1️⃣ Housing: Case-Shiller says August home-price growth cooled to +1.51% YoY, the slowest in 2+ years; New York (+6.08%) led gainers while Tampa (-3.34%) lagged. 🪺 More

2️⃣ Rents: There was a fourth straight month of flat/declining rents; 1-bed: $1,511 (-0.4% MoM), 2-bed: $1,888 (-0.3% MoM); SF 2-beds up 17.6% YoY, NYC easing for the first time since 2021. 🪺 More

3️⃣ Mortgages: The 30-yr hit 6.17%, the lowest in 12+ months; the Fed cut was priced in, and Powell warned December isn’t a lock, so expect some rate wobble. 🪺 More

4️⃣ Interesting Trends: “Zombie” vacancies dipped to 3.25% of foreclosures in Q4; still low nationally, with highest shares in WY, SD, KS, DC, IA. Translation: distress exists, but widespread abandonment isn’t. 🪺 More

5️⃣ Policy: The Fed delivered a 25 bps cut, but Powell flagged “dueling dissents” and said another cut in December is “far from” guaranteed. 🪺 More

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