Migration Out Of L.A., Bay Area, N.Y. and D.C. Up In Late Summer

The share of Redfin users looking to relocate has hit an all-time high according to new data out from the site. 

A record 33.9 percent of Redfin.com users nationwide looked to move from one metro to another in July and August, up from 32.6 percent in the second quarter and about 26 percent  before the pandemic. More homebuyers left the Bay Area than any other metro in July and August, followed by Los Angeles, New York, Washington, D.C. and Boston.

“The overall slowdown and the popularity of relocating are both due to high home prices and mortgage rates that have doubled since last year,” said Redfin Deputy Chief Economist Taylor Marr. “Six percent mortgage rates are exacerbating already-high home prices and motivating homebuyers–especially remote workers–to leave expensive areas for more affordable ones. Persistent inflation and slumping stocks are also cutting into buyers’ budgets, making relatively affordable areas even more attractive.”

In particular, migration out of L.A, N.Y., D.C. and Boston increased from a year earlier. Redfin reports that the top destination for those leaving Los Angeles while remaining in-state continues to be San Diego, while San Francisco residents are heading to Sacramento in increasing numbers.