LA Home Buyers Snap Up San Diego Home – NBC 7 San Diego
Angelenos are migrating to San Diego and San Antonio at higher rates than a year earlier as big metro dwellers seek to stretch their dollar farther elsewhere, according to data from Redfin.
Out-of-state migrants heading to San Diego most often come from Seattle.
San Diego was among RedFin’s top 10 popular migration destinations during the second quarter of 2022, Redfin reported. For the first and second quarters, Miami took first place for the most popular migration destination, followed by another Florida city, Tampa; then Phoenix; Sacrament; Vegas; Cape Coral, Florida; San Diego; North Port, Florida; San Antonio; and Dallas comes last.
List of Top 10 Popular Redfin Migration Destinations in 2022:
- Miami, Florida
- Tampa, Florida
- Phoenix, AZ
- Sacramento, California
- Las Vegas, Nevada
- Cape Coral, Florida
- San Diego, California
- North Port, Florida
- San Antonio, TX
- Dallas, TX
Redfin measures migration popularity by what they call net inflow, which is the increase in Redfin.com users seeking to move to an area rather than to leave her.
Compared to a year ago, even more homebuyers are leaving expensive metro cities as permanent remote work becomes more common. San Diego is the first choice for those leaving Los Angeles and wanting to stay in California. Phoenix is the number one spot for Angelenos looking to move out of state.
The pandemic has pushed the housing market into a battleground where supply is low and purchases are high and now home sales have plummeted, allowing supply to start rising again. We have rising mortgage rates, high house prices, inflation and a faltering economy to thank for a calmer housing market.
Those who can still buy homes are increasingly moving, mainly because rising housing costs in expensive metros are still unaffordable even for those who can afford to buy.
Extremely high house prices, mortgage rates of over 5% with high monthly payments, as well as the ubiquity of remote working are all factors that encourage many buyers to buy homes in other parts of the country where their money could buy more, says Redfin’s deputy chief economist Taylor Marr.