Report: U.S. hits lowest housing turnover rate in 30 years

(CNN)– A new report details just how stalled the housing market is.

According to analysis at Redfin, just two-and-a-half percent of homes in the U.S. have been sold this year.

That’s the lowest turnover rate in at least 30 years. Some areas are suffering a bigger slowdown than others.

Homes in the suburban and rural areas are changing hands slightly more than those in urban areas, according to Redfin.

For months, the housing market has been facing a combination of record-high home prices and elevated mortgage rates.