{"id":175556,"date":"2023-05-26T07:49:05","date_gmt":"2023-05-26T14:49:05","guid":{"rendered":"https:\/\/inbusinessphx.com\/?p=175556"},"modified":"2023-05-26T07:49:05","modified_gmt":"2023-05-26T14:49:05","slug":"out-of-town-moves-have-fallen-6-from-a-year-ago-phoenix-tops-the-list-of-cities-to-move-into","status":"publish","type":"post","link":"https:\/\/staging.inbusinessphx.com\/?p=175556","title":{"rendered":"Out-of-Town Moves Have Fallen 6% from a Year Ago, Phoenix Tops the List of Cities to Move Into"},"content":{"rendered":"
\n
<\/div>\n<\/header>\n
\n
\n

\"\"<\/a><\/p>\n

The number of Redfin.com users looking to move to a different part of the country is down 6% from a year earlier, the biggest drop on record, as the overall U.S. housing market remains cool in the face of high mortgage rates and economic uncertainty. This is according to a new report<\/a> from Redfin<\/a>, the technology-powered real estate brokerage. That\u2019s a big swing from a year ago at the tail end of the pandemic homebuying boom, when the number of homebuyers looking to relocate rose <\/i>23%.<\/p>\n

But out-of-town moves are holding up well compared with in-town moves: The number of Redfin.com users looking to move within <\/i>their current metro area is down 17%, roughly three times the drop for relocators. That\u2019s also the biggest drop in Redfin\u2019s records, which go back through 2018.<\/p>\n

To put the trend another way, the overall homebuying pie is smaller than it was a year ago\u2014but Americans moving to a new metro make up a bigger piece <\/i>of that pie than ever before. A record one-quarter (25.2%) of Redfin.com users nationwide are looking to relocate. That\u2019s up from 22.8% a year earlier and roughly 19% just before the pandemic started.<\/p>\n

Out-of-town moves among homebuyers have declined from a year ago because fewer people are moving. Overall home sales dropped 22% from a year earlier in April as elevated mortgage rates and a shortage of inventory deterred buyers.<\/p>\n

But out-of-town moves have dropped substantially less than within-metro moves for a few reasons:<\/p>\n