Homebuyers are leaving Two cities on the California coast In a herd, according to a Sept. 20 report by Redfin.
And these cities may not be all that surprising.
San Francisco and Los Angeles are the top cities homebuyers move to when heading to Sacramento and San Diego.
Both areas have temperate climates and are “relatively” affordable, according to real estate broker Redfin.
The top out-of-state cities for homebuyers from San Francisco and Los Angeles include Seattle and Las Vegas.
Homebuyers are likely to leave these cities in search of more affordable neighborhoods because of inflation and high mortgage rates, the report said.
New York, Washington DC, Boston and Chicago follow San Francisco and Los Angeles.
Miami is the most popular destination for homebuyers.
To find out where homebuyers are staying away, a migration analysis was conducted using Redfin’s 2 million users who searched for homes in 100 metropolitan areas in the US in July and August.
“To be included in this dataset, a Redfin.com user must have viewed at least 10 homes in a given metropolitan area, and homes in that area must account for at least 80% of user searches.” said the report.
https://www.sacbee.com/news/california/article266146701.html Homebuyers Leaving Two California Cities: Report