US Housing Market: Mixed Signals for Movers and Buyers
Despite high mortgage rates, homebuyers looking to relocate to more affordable metros have not been deterred, with searches for out-of-town movers only dropping 4% compared to a 14% drop for those looking to move within their own metro area. Redfin.com user search data shows that 25.1% of house hunters nationwide looked to relocate to a new metro in February, a record high, with Florida and other Sun Belt destinations being the most popular. Expensive coastal job centers such as San Francisco, New York, and Los Angeles are the top places people are leaving, with Sacramento, Miami, and Las Vegas being the top destinations for those leaving San Francisco.