Americans are holding onto their homes for longer, and this is costing anyone who wants to buy a home.
The length of stay for homeowners in the US has steadily increased, a major reason that the stock of homes for sale is at record levels and prices are close to the historic high.
The typical owner in 2020 stayed at the site for 13 years, slightly above 12.8 years in 2019 and well ahead of the 2010 reading of 8.7 years, according to a new analysis by real estate broker Redfin Corp. lived in the same house for more than 20 years, the study showed.
Home sales skyrocketed last year, reaching their highest level in 14 years, as the coronavirus pandemic caused many Americans to look for a bigger home where they could work remotely more easily. That was one of the reasons why the average duration of home ownership stabilized in the past year.
But concerns about Covid-19 had the opposite effect among potential sellers. Fear of strangers entering their homes during the pandemic has prompted some to cancel or delay their plans to list their homes, real estate agents say.