Housing activity often picks up in the spring, but this year, housing affordability concerns and recession fears are impacting seasonal trends. While mortgage rates dipped enough for housing transactions and building activity to surge in February, these metrics looked sluggish for March. Many homeowners and renters are staying put, waiting out a potential recession, while those looking to move are seeking more affordable areas. 

As of January, almost 30% of all work was performed out of people’s homes, a six-fold increase from before the pandemic. In busy urban areas, the share is even higher. The availability of work-from-home positions coupled with sky-high prices in the busiest metros is causing people to move further away than ever before. They’re choosing smaller communities with more affordable home prices and a lower cost of living to combat budgetary pressures while also aiming for desirable locations with booming economies that haven’t yet grown too crowded with transplants. 

Learn more about your ad choices. Visit megaphone.fm/adchoices