For the first time, Denver had a "net outflow" of residents in the first quarter of this year. Redfin data show that 20 percent of users in Denver looked for homes in another metro, up five percent year-over-year.
But where do the Denverites go? If staying in the state, Colorado Springs is the answer. For those looking out of state, Phoenix is where these outgoing residents head most of the time. Out-of-state movers from Chicago and Seattle also head to Phoenix in droves. Unsurprisingly, Phoenix was found to have the top inflow in the study, with Los Angeles close behind. Redfin tracks home search data a forward-looking indicator to predict a city's population growth.
The new destinations will be at risk for becoming unaffordable over time as well, unless they build enough new homes to keep up with the influx of people. Cities like Las Vegas, Atlanta and Austin are building thousands of new housing units to accommodate this growth. Meanwhile Sacramento, Portland and San Diego are good examples of markets experiencing early signs of slowing growth, with smaller net inflows of Redfin users in the first quarter of this year than in the same time period in 2017. These metro areas have not expanded housing as rapidly to dampen growth in housing costs.
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