Homebuyers look to move to another metro

Nationwide, 31.4 percent of Redfin.com users looked to move to a different metro area in April and May, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. This is roughly the same share Redfin saw in the first quarter and up from 27 percent a year earlier.

Although the overall housing market is starting to stabilize after a red-hot start to the year, homebuyer interest in relocating remains elevated above pre-pandemic levels, and Redfin agents in popular destinations say they are still seeing an influx of out-of-towners.

The latest migration analysis is based on a sample of more than 2 million Redfin.com users who searched for homes across 87 metro areas in April and May, excluding searches unlikely to precede an actual relocation or home purchase. To be included in this dataset, a Redfin.com user must have viewed at least 10 homes in a particular metro area, and homes in that area must make up at least