Tampa Bay Among the Highest Inflation Rates in the U.S.
The four U.S. metropolitan areas with the highest inflation rates in the third quarter are migration hotspots. Phoenix, Atlanta, Tampa and Miami experienced double-digit inflation and all ranked near the top of Redfin’s list of most popular destinations for relocating homebuyers.
Inflation and migration have become increasingly linked. Remote work allowed scores of Americans to move to the Sun Belt during the pandemic in search of affordability and warm weather, which drove up housing prices, a key contributor to inflation. That’s why migration hotspots now have the highest inflation rates—a trend that was much less acute before the pandemic.
Tampa Bay market clocked in at number three for inflation at 10.9% and number five for migration.
Source: Bureau of Labor Statistics/Redfin
Market Snaphot
Mortgage Rates Rise Above Seven Percent
As the housing market adjusts to rapidly tightening monetary policy, mortgage rates again surpassed seven percent. The housing market is the most interest-rate sensitive segment of the economy, and the impact rates have on homebuyers continues to evolve. Home sales have declined significantly and, as we approach year-end, they are not expected to improve.
