Rising mortgage rates have proven hardly the deterrent for homebuyers looking to relocate to another market. That's because, in part, they are seeking a new home that is more affordable, to begin with, according to a new report from Redfin.
One-quarter (25.1%) of house hunters nationwide looked to relocate to a new metro in February, a record high, based on Redfin's survey. That's up from 22.9% a year earlier and roughly 18% before the pandemic.
The number of Redfin.com home searchers looking to relocate to a new metro fell 3.6% year over year in February, compared to a 14.4% drop in Redfin.com home searchers looking to relocate within their current metro.
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