Twenty-five percent of home searchers looked to move to another metro area in the second quarter of 2019, up 1 percent compared with one year ago, according to a report from Redfin.
The percentage of home searchers looking to relocate to another metro area is the highest on record, Redfin said.
“People are increasingly looking to leave expensive coastal metros like New York, San Francisco and Los Angeles,” Redfin Chief Economist Daryl Fairweather said in a release. “Lower mortgage rates have made buying a home more affordable, but not affordable enough for typical homebuyers contending these areas’ sky-high home prices and taxes.
“The homebuyers who are heading out of town in search of affordability don’t just want to save a few hundred dollars per month, they want to save thousands of dollars per month, and the only way to achieve that kind of cost savings is to move somewhere more affordable,” Fairweather said.
According to the report, Phoenix topped the list of metro areas with the highest net inflow of Redfin users in the second quarter, followed by Sacramento, Calif.; Atlanta; Las Vegas and Austin, Texas.
During the second quarter, the list of metros people most-often looked to leave was headed by New York, San Francisco, Los Angeles and Washington, D.C.