We Change Homes Every 11.5 Years
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The average California house or condo changes ownership once every 11.5 years, according to a survey by Chicago Title Co. The housing turnover rate is calculated by dividing the number of housing units by the number of home sales in a given year. A total of 564,000 California homes or condos were sold in 1994, out of a total housing stock of 6,475,000 units.
The state’s turnover held at 12.5 years for 1992 and 1993, before dropping one point last year. The rate for 1990, near the peak of the housing boom, was 8.6 years.
Arizona had the fastest turnover rate last year, at 6.2 years. Nevada was second at 6.5, with North Carolina at 7.4 years.
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