Source: Fox Business —
Nearly 25% of U.S. homebuyers are looking to move out of their current metro areas, with many people turning their attention to cities in Florida as their next place to call home, according to a new study.
“The U.S. housing market has cooled significantly during the second half of 2022 as high mortgage rates, inflation and a stumbling economy deter would-be homebuyers and sellers. But of the people who are still buying homes, an unprecedented portion are relocating to new metros. Many are seeking relative affordability as near-7% mortgage rates and persistently high home prices make expensive parts of the country even more expensive,” Residential real estate brokerage firm Redfin found in a new analysis.
Redfin found that 24.1% of people looking to purchase a home are seeking to move to a different metro area than where they currently live. The study examined more than two million Redfin users who looked at homes for sale online across more than 100 metro areas from August to October of this year.
Sacramento came in the top spot for highest net inflow of property searches on Redfin’s website – net inflow is defined as “the number of people looking to move into a metro minus the number of people looking to leave.”