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Houses in San Francisco overlook the city’s skyline. More home buyers here were looking to relocate than any other metro in July and August, a new Redfin report said.
Axel Schmies/Getty ImagesMore home buyers departed from San Francisco than any other metro area in July and August, according to a new Redfin housing report.
The Bay Area leads the country in people planning to relocate despite an overall decline in those looking to leave from this time last year, which the report attributes to a recent drop in the area’s home prices. These numbers are determined by how many Redfin.com users were looking to leave an area compared to how many were looking to move in.
According to Redfin, 24.1% of its local users searched for properties outside of the Bay Area in July and August. Their top in-state destination is only a hop, skip and a jump along Interstate 80 away, in Sacramento. The top out-of-state destination for San Francisco home buyers is Seattle.
Throughout the U.S., 33.9% of Redfin users were looking to relocate in July and August, a record number. This number was only about 26% before the pandemic.
The report lists Los Angeles as second to San Francisco when it comes to home buyers looking to move elsewhere — close to 35,000 Redfin users in LA searched for homes in different areas in July and August, with their top in-state destination being San Diego and their top out-of-state destination being Las Vegas.
Redfin attributes this record number of relocations across the country to economic burdens like high mortgage rates and inflation, as well as the flexibility of remote work that allows more people to move away from expensive job centers. Droves of home buyers in places like the Bay Area, Los Angeles, New York City, Washington, D.C., and Boston are moving in favor of more affordable cities like Miami, Sacramento, San Diego, Las Vegas and Tampa.
The report published by Redfin used data collected from more than 2 million users across more than 100 metro areas in July and August.
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