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Migrating Americans Are Driving Up Home Prices in Popular Metros

Pro Builder

Remote workers and movers motivated by the pandemic are flocking to Sun Belt cities like Phoenix, where prices are peaking and inventory is declining. Sun Belt cities like Phoenix, Dallas, and Orlando attracted the majority of relocating Americans in 2021, and as a result, prices for homes and consumer goods are reaching new highs.

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Are Million-Dollar Homes Shrinking?

Pro Builder

Million-dollar “shrinkflation” is most prevalent in cities like Phoenix, Austin, Los Angeles, and San Diego, where fewer new listings are creating tighter competition for smaller and more expensive homes. House Styles. House Plans. While the spatial gains in Minneapolis are minimal at only 36 square feet, St.

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U.S. Movers Looking for Affordability Tested Out New Zip Codes in 2021

Pro Builder

Sunbelt metro areas topped the list for net inbound moves in 2021, pulling in buyers from more expensive cities like Los Angeles and Chicago. As more Americans relocate to popular metros, affordable housing supply in the past year’s top destinations is gradually declining, suggesting new migration patterns in the coming year. .

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Record Share of Homebuyers Relocate for Affordability

Pro Builder

of Redfin users searched for homes outside of their metro areas in the second quarter of 2022 as surging housing costs make cities like San Francisco or San Jose unaffordable and destinations like Tampa and San Antonio more attractive. Housing Markets. Housing Markets. A record high 32.6% New-Home Sales.

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San Francisco Leads the Charge in U.S. Home Price Corrections

Pro Builder

As a housing correction replaces a mid-pandemic homebuying boom, some of the nation’s most popular markets are reaching their tipping points, and San Francisco is no exception, Fortune reports. Just behind San Francisco are fellow high-cost West Coast markets like Seattle (down 6.92%), San Diego (down 5.44%), and Los Angeles (down 3.93%).

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A Record Share of Buyers Are Relocating for Affordability—Here’s Where They’re Going

Pro Builder

are crunched for affordability amid rising mortgage rates and persistent inflation, and in order to curb skyrocketing housing costs, a record share of prospective buyers are moving away from expensive coastal markets, Redfin reports. They’re followed by Phoenix, Cape Coral, FL, North Port, FL, Portland, ME and San Antonio, TX. .

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A Record Share of Homebuyers Are Relocating to Find Affordability

Pro Builder

Residents of pricey metros are leaving en masse to seek out more affordable housing in other parts of the country. San Francisco tops the list of the metro areas losing the largest share of residents as a nationwide affordability crisis persists, and other major cities like Los Angeles and New York also rank in the top three, Redfin reports.