US Housing Market Remains 'Frozen' as Turnover Hits Historic Lows

Home Depot's CFO Richard McPhail has issued a warning about the US housing market, describing it as 'frozen' and at historic lows. The company's earnings call revealed that housing turnover has never been lower, with only 2.8% of U.S. homes changing hands during the first nine months of 2025.

This low rate is particularly concerning because it has persisted for four years, with no signs of recovery. According to McPhail, when turnover rates have hit this level in the past, they have bounced back relatively quickly. However, the current situation appears different, and Home Depot's business is already feeling the strain.

The prolonged freeze in the housing market can have far-reaching consequences, not just for homeowners but also for businesses connected to housing. With fewer people buying or selling homes, there are less renovation projects, which can impact companies like Home Depot that rely on this spending.