A new report illustrates just how stuck the housing market is | Money [Video]

(CNN) — Just 2.5% of homes in the US changed hands this year in the first eight months, the lowest turnover rate in at least 30 years, according an analysis by Redfin.

The latest data from the real estate brokerage underscores just how much the housing market has stalled in 2024 as Americans faced a toxic combination of record-high home prices and elevated mortgage rates, creating one of the most unaffordable housing markets in a generation. A rate cut by the Federal Reserve this month has fueled hopes that the interest rate-sensitive housing market will soon experience a fresh jolt.

“What this data tells us is that the housing market in 2024 has been really frozen,” said Chen Zhao, Redfin’s economic research lead. “We said the same thing in 2023 and I think there was this expectation that it couldn’t get any worse, but 2024 has been disappointing for the housing market.”

About 25 of every 1,000 …