The housing market is cooling due to inflation
Jeff Phillips, president of the Southland Regional Association of Realtors, joins FOX 11 to discuss the impact of inflation on buyers and sellers in the housing market.
LOS ANGELES – Of them California cities topped a recent list of cities in the WE people want to leave the most – and are you even surprised?
San Francisco and Los Angeles ranked #1 and #2 respectively on the recent report by red fin showing the main towns people were looking to leave in July and August.
According to the report, home buyers looking to leave California mostly moved to Seattle, Washington.
More than 34,000 Redfin users in Los Angeles were looking for homes in new areas over the past two months. Redfin found the most Angelenos were looking for houses in San Diego if you stay in the golden state and the second relocation location was Las Vegas, Nevada.
That’s partly because of high mortgage rates and economic hardship, including inflation, which makes it harder to buy homes in those places, Redfin said.
America’s most expensive house for sale
The New York home is on sale for a whopping $250 million.
The typical house of Vegasfor example, sold for $416,000 in August, half of the median of $845,000 in Los Angelesfirst origin of the people who settled there.
In the United States, Redfin saw a record high of nearly 34% of its users considering moving from one metropolitan area to another, up from 26% before the pandemic.
Migration out of Los AngelesNew York, Washington, DC and Boston picked up from last year.
Where are people going? miami was the most popular migration destination, continuing a more than year-long streak of South Florida’s metro taking the top spot. Other popular destinations included Sacramento and San Diego for California metros, while Las Vegas, Tampa, FL; Phoenix; Cape Coral, Florida; North Port, Florida; Portland, Maine; and San Antonio, TX rounded out the top list.
Redfin sampled data from around two million Redfin users searching for homes in more than 100 metropolitan areas in July and August. See the full report by typing or clicking here.
