Home prices and mortgage rates have gone up so much that people are now increasingly looking to move to more affordable areas, according to a new report from the real-estate brokerage site Redfin.
New user data from Redfin reveals that a record share of users were looking to move from one city to another in July, many in search of cheaper housing.
Redfin RDFN, +2.88% has tracked migration data since 2017 and the 33.7% looking to move in July represented an all-time high. The report was based on on “a sample of about two million Redfin.com users who searched for homes across more than 100 metro areas in July, excluding searches unlikely to precede an actual relocation or home purchase,” according to Redfin.
But “migration into the South Florida metro is starting to slow,” the report added, “with fewer homebuyers looking to move to Miami than a year earlier.” San Diego has a “better work-life balance and a beachside lifestyle,” Jodie Lee, a San Diego Redfin agent, told the website, “and it has picked up since remote work became more commonplace.”
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