California is still the number one state that people are looking to move out of and Florida is the number one state that people are moving to.
The data found that Florida was the fastest growing state in 2022, with an annual population increase of 1.9% within a year. In fact, according to NAR, this was the first time since 1957 that Florida’s population grew faster than anywhere else across the U.S.
Experts atribute the migration to the fact that Florida is a the Sun Belt region that experienced a robust job market recovery after the COVID-19 pandemic. Jobs in Florida increased about 5% in 2022 compared to March of 2020.
Source: redfin and NAR
Mortgage Rates Continue to Shift Down
Mortgage rates inched down again, with the 30-year fixed-rate down nearly a full point from November, when it peaked at just over seven percent. According to Freddie Mac research, this one percentage point reduction in rates can allow as many as three million more mortgage-ready consumers to qualify and afford a $400,000 loan, which is the median home price.
