These 2 charts show why buying a house is the hardest it's been in decades

By Aarthi Swaminathan Inventory growth holds the key to unlocking the housing market, economist says Across the U.S., homeowners owned their homes for an average of 8.55 years before selling - up from 8.05 at the same time last year, property-data provider Attom found. Home buyers across America have had little relief from high home prices over the last few years. Two key charts explain why that's so. Nationally, the housing market is stuck in a deep rut. Home sales remained at a 31-year low last year, and haven't picked up much steam. Home prices and mortgage rates remain high. The lack of housing affordability has become a pressing political issue in recent months as many buyers are priced out. "The biggest wild card for 2026 remains inventory," Sam Williamson, a senior economist at First American, told MarketWatch. "If inventory remains stable or improves ... house price growth will remain in check and support more sales activity than in recent years." Two data points reveal why inventory growth is so sluggish right now. Homeowners are living in their homes for a lot longer than before Homeowners are staying a lot longer in their homes, data for the fourth quarter of 2025 from property-data provider Attom show. Across the U.S., homeowners owned their homes for an average of 8.55 years before selling, up from 8.05 at the same time last year, Attom found. That's one of the longest tenure levels seen in at least 25 years. Homeowners in expensive coastal states like Massachusetts, Connecticut and California are hanging on to their homes for even longer. The average tenure of a homeowner in Massachusetts was 13.29 years, up 4.1% from the same quarter last year, and 13.02 years in Connecticut, up 0.9%. Homeowners aren't selling partly because they don't want to - or can't afford to - give up ultralow mortgage rates from the pandemic years, Attom noted, and also because "tight housing inventory and still-high home prices have made trading up or relocating more difficult." The downside is that as homeowners stay longer in their homes, buyers see fewer for-sale listings on the market - keeping a lid on inventory. Limited supply also pushes prices up, so longer tenures are generally bad news for buyers in these states. In Massachusetts, the average home's value was about $636,000, according to Zillow, and $423,000 in Connecticut. The average home value across the U.S. was $357,000. In November 2025, the latest month for which data are available, home prices grew the most in New Haven, Conn., Syracuse, N.Y., and Scranton, Pa., according to a report by Intercontinental Exchange. More homeowners are passing on their homes to their heirs Even when these homeowners decide to sell, a rising share pass their homes on to their heirs rather than selling them on the market, further limiting inventory growth. A record 340,000 homes across America were transferred through inheritance in the 12 months ending August 2025, property-data company Cotality found after analyzing property deeds. That equates to 7% of transfers being so-called hand-me-downs, which is the highest share Cotality has recorded since it began tracking the data. In California, the number of properties that were inherited was twice the number of new homes sold in the state, Cotality noted, which was a new record as well. The average home value in the state was $755,000, according to Zillow. A key reason is that California's property-tax system encourages families to hang on to their homes, so that tax increases are limited to 2% per year. The tax exemption can be inherited on the first $1 million of inherited real-estate value if the home is used as a primary residence, Cotality said. Nevertheless, the overall housing market is showing signs of gradual improvement, First American's Williamson said. The so-called lock-in effect is showing signs of easing and buyers are seeing more options and price cuts, he noted. Taken together, "these trends should help unlock listings and support firmer sales activity in 2026, with less upward pressure on prices," Williamson said. Do you have questions about home buying that you would like to see covered in MarketWatch? We would like to hear from readers. You can write to us at readerstories@marketwatch.com. A reporter may be in touch to learn more. MarketWatch will not attribute your answers to you by name without your permission. -Aarthi Swaminathan This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. (END) Dow Jones Newswires 02-07-26 1108ET