Home buyers are leaving two California coastal cities in flocks, according to a Sept. 20 report by Redfin.
And these cities might not be too surprising.
San Francisco and Los Angeles are the top cities that home buyers are moving from as they head to Sacramento and San Diego.
Both areas have warm weather and are “relatively” affordable, according to Redfin, a real estate brokerage company.
The top out-of-state cities for home buyers from San Francisco and Los Angeles include Seattle and Las Vegas.
Home buyers are likely leaving these cities to find more affordable areas because of inflation and high mortgage rates, the report says.
New York, Washington, D.C., Boston and Chicago follow San Francisco and Los Angeles.
The most popular destination for home buyers is Miami.
To find where home buyers are leaving, a migration analysis was done using Redfin’s 2 million users who looked for homes in 100 metro areas across the U.S. in July and August.
“To be included in this dataset, a Redfin.com user must have viewed at least 10 homes in a particular metro area, and homes in that area must have made up at least 80% of the user’s searches,” the report says.
This story was originally published September 21, 2022 4:46 PM.