The share of homebuyers looking to move to a different metro area declined for the third straight month in November, according to new data from Redfin (NASDAQ:RDFN).
The 23.9% share recorded last month is down from 24.1% one year ago, which is both the lowest share in a year and a half and the first annual decline since Redfin has been tracking this data. However, the migration rate remains above pre-pandemic levels of around 19%.
Two California markets topped the lists for inbound and outbound migration, with Los Angeles ranking first for the metro that most people are leaving and Sacramento ranking highest as the metro attracting the greatest number of new residents. For the first time since Redfin tracked this data, Spokane, Washington, was part of the top 10 list of metros attracting homebuyers – this was attributed to the city’s average home price of $416,000, compared to $775,000 in Seattle which ranked fifth in outbound migration.
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