There are more homebuyers seeking out-of-market—mostly more affordable—places to live, according to a report by real estate brokerage Redfin, based on its customers.
Just about one-third (32.6%) were doing so in the second quarter, slightly above the 32.3% who were doing so in Q1 and approximately 26% were before the pandemic.
"The housing market has slowed following a pandemic-driven buying frenzy, with home sales falling and supply starting to rise due to rising mortgage rates, high home prices, inflation and a faltering economy," according to Redfin. "Relatively affordable places like Tampa and San Antonio have become more attractive."
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