Nationwide, 25% of homebuyers searched to move to a different metro area between Mar ’23 – May ’23. The top 5 states homebuyers searched to move to were Florida, Texas, Arizona, South Carolina, and Tennessee.
California, New York, District Of Columbia, Massachusetts, and Illinois were the top 5 states homebuyers searched to move from. People moving to a new metro make up a bigger piece of the homebuying pie than ever before, with a record 25.2% of Redfin.com users nationwide looking to relocate.
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Mortgage Rates Continue to Slide Down
Mortgage rates slid down again this week but remain elevated compared to this time last year. Potential homebuyers have been watching rates closely and are waiting to come off the sidelines. However, inventory challenges persist as the number of existing homes for sale remains very low. Though, a recent rebound in single-family housing starts is an encouraging development that will hopefully extend through the summer.
