Surging mortgage rates and persistently high home prices are motivating many of the buyers who remain in the market to relocate to more affordable areas, but migration may slow as the economy continues to soften. Nearly one-quarter (24.2%) of homebuyers nationwide looked to move to a different metro area in the third quarter, a record
Cape Coral saw pending sales sink 58%—nearly double the national decline—while Naples and North Port saw similar drops. New listings also slumped in all three metros. Pending home sales plunged 58% year over year in the Cape Coral, FL metro area during the four weeks ending Oct. 16 in the aftermath of Hurricane Ian. That’s
Pending Home Sales Plummet Over 50% in Three Florida Metros Hit by Hurricane Ian Read More »
62% of people who plan to buy or sell a home in the next year are reluctant to relocate to a place at risk of natural disasters, extreme temperatures and/or rising sea levels. 40% of buyers and sellers say climate risk played a role in their decision to move. Still, disaster-prone areas including Florida have
High mortgage rates, persistent inflation and economic woes are making expensive parts of the country less attractive and relatively affordable places more popular. Migration out of Los Angeles, New York, Washington, D.C. and Boston has picked up from last year. A record 33.9% of Redfin.com users nationwide looked to move from one metro to another
A Record Share of Homebuyers Relocate, Driven By Moves Away From Expensive Coastal Areas Read More »
55% of homes being built today face fire risk, compared with 14% of homes built from 1900 to 1959, as suburbanization and a shift to the Sun Belt have driven builders into more vulnerable areas. Recently-built homes are also more likely than older homes to face drought, heat and flood risk, but the gap is
America Is Increasingly Building Homes in Disaster-Prone Areas Read More »
74% of U.S. metros with more than half of homes facing intense drought saw more people move in than out this year. An estimated $17 trillion worth of homes (about 25 million properties) experienced intense drought in August, up 42% from a year earlier. There were 13 metros, including Las Vegas, Sacramento and Austin, where
More People Are Moving in Than Out of Places Experiencing Intense Drought Read More »
