(NASDAQ: RDFN) — A record 32.6% of Redfin.com users nationwide looked to move from one metro to another in the second quarter, up slightly from 32.3% in the first quarter and roughly 26% before the pandemic, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

The housing market has slowed following a pandemic-driven buying frenzy, with home sales falling and supply starting to rise due to rising mortgage rates, high home prices, inflation and a faltering economy. But the people who can still afford to buy continue to relocate at unprecedented levels, largely because surging housing costs are putting expensive metros further out of reach. That makes relatively affordable places like Tampa and San Antonio more attractive.

“The typical home in San Francisco or San Jose now costs more than $1.5 million. Add in today’s 5%-plus mortgage rates and you have a sky-high monthly payment,” said Redfin Deputy Chief Economist Taylor Marr. “Those factors, along with more companies giving employees the permanent flexibility to work remotely, are driving a larger portion of buyers to consider homes in other parts of the country. Someone who would have to stretch beyond their budget in Los Angeles may be able to comfortably afford a home in Phoenix or San Antonio.”

To continue reading the rest of the article, please click on the source link below:

https://www.marketscreener.com/quote/stock/REDFIN-CORPORATION-37247408/news/A-Record-Share-of-Homebuyers-Relocate-As-High-Prices-Mortgage-Rates-Push-Them-Toward-More-Affordabl-41011138/

Comments

comments