According to a report from Redfin, the number of home buyers relocating to a different state is at its lowest level in 18 months.
The migration, driven by the pandemic, dropped to 23.9% in November, a decline for the third straight month. It is a small drop from 24.1% a year earlier. However, it is the first annual decline according to Redfin's records, down from a record high of 26% during the summer months.
This decline in home purchasing migration, at least in part, is occurring as it becomes less feasible to work remotely. An additional factor is the increase in home prices in more popular migration spots made the idea of moving less enticing to buyers.
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