Florida still top spot for Americans looking to move
Nearly 25% of US Homebuyers are looking to move out of their current metro areas, with many people turning their attention to cities in Florida as their next place to call home. Half of the top 10 migration destinations on the list are Florida Cities, including Miami, Tampa, Cape Coral, and Northport-Sarasota. The study noted that people moving to places such as Florida do so because home prices are often far less expensive than in cities such as Los Angeles and New York. States with the highest rates of people looking to stay where they are living include Texas, Michigan, Ohio, Oklahoma and Florida. Florida’s population in 2022 will stand at more than 22 million residents, trailing only California and Texas in size.
Mortgage rates continued their downward trajectory this week, as softer inflation data and a modest shift in the Federal Reserve’s monetary policy reverberated through the economy. The good news for the housing market is that recent declines in rates have led to a stabilization in purchase demand. The bad news is that demand remains very weak in the face of affordability hurdles that are still quite high.
