Homeowners have held their ground for 12 years, suppressing the U.S. housing market

Homeowners in the United States are choosing to settle long-term, a trend that is driving up home prices and causing many prospective buyers to hesitate. According to a new report from real estate brokerage Redfin, as of December last year, the typical homeowner had lived in their home for 12 years, nearly double the median duration of residence from twenty years ago. High borrowing and moving costs, as well as accumulated wealth in existing properties, are the main reasons keeping homeowners “locked in” place. Many are also reluctant to give up the advantage of low mortgage rates.