Redfin provides some interesting market data that can help contractors gauge market growth or decline (if you believe in the data). One of the insightful trends Redfin tracks is its users’ online home searches. Home searches are a leading indicator of moves, according to Redfin senior economist Taylor Marr.
In the first quarter, Denver showed a “net outflow” of those users for the first time. More users living there were searching for homes elsewhere than users elsewhere were searching for homes in Denver. Seattle has seen such net outflows for two quarters in a row.
Where are these bargain hunters looking to live? Los Angeles was top of mind for the itchy Seattleites. One might fear they’d be disappointed, but they seem to know what they’re doing, searching mostly in the greater L.A. market’s more affordable areas, such as Riverside County.
Redfin senior economist Taylor Marr, who writes in the report that “we saw this in 2015 in the Bay Area” and that “by 2016 the U.S. Census Bureau showed San Francisco had lost residents.” Denver’s net domestic migrations -- more people moving in than leaving -- peaked at 40,000 in 2015, he noted, citing census data. Increasingly competitive housing markets like Denver and Seattle, let alone San Francisco and New York, are drawing their residents’ attention to cities such as Phoenix and Sacramento. “For complete article, click here”