See how many Californians moved to Dallas in just 3 months last year

Dallas-Fort Worth was one of the top destinations for domestic migrants from California in 2017, according to a recent study.

There were 1,051 moves from coastal California, the home of some of the country’s toughest housing markets, to Dallas in the first quarter of 2017, according to Alexandra Lee, a housing analyst with the real estate listing and research site Trulia, which did the study.

Out of 19,132 moves out of the region during that time period, 5.5 percent went to D-FW. The largest destination was the similarly affordable — in relative terms — Las Vegas, which took on 8.1 percent of those interstate migrants during the first three months of last year.

The Trulia report looked at census data for transplants from four coastal California hubs: San Francisco, San Jose, Los Angeles and San Diego. Homes in those markets listed for an average of $720,000 in March 2017, Trulia says, compared to $313,000 in Dallas and $250,000 nationally.

The home prices in these cities is clearly a major determinant in whether or not people leave California and to where they move, Lee said over email, but it’s not the be-all end-all.

New York City took on the second-most domestic migrants from California in the first quarter of 2017, according to the study — 7.3 percent. And while the median listing price of $440,000 in the Big Apple leaves more of a ceiling than in, for example, San Jose, where it’s $750,000, it’s still no small price.

Many from California and elsewhere in the U.S. are drawn to Texas’ lower home prices, but the state also has a strong job market — both in terms of local employers and relocations from other states — that’s attracting migrants.

Texas is a big destination for job-to-job flows, a U.S. Census Bureau-designed statistic that measures flows of employees from one company to another when they’ve been at each company longer than three quarters. The biggest source of these flows is California, which contributed 6,884 in quarter one of 2016.

It’s also been the destination for several high-profile corporate moves from the California coast, perhaps most notably Toyota, which began moving its North American headquarters from Torrance, Calif., to Plano last year. It brought with it the bulk of its 4,200-strong national staff.
With much cheaper, ample real estate — though the list price of both new housing starts and pre-owned homes is far exceeding what a median Dallasite can afford — and far lower taxes, it’s no wonder.

And while Texas is growing at astronomic rates compared to California, the Golden State still represents greener pastures for some. In Q1 2016, there were 5,818 job-to-job flows from Texas to California. It should also be noted that the job flows to Texas represent a tiny share of employment activity in the massive state, according to state employment data.

https://www.dallasnews.com/business/real-estate/2018/06/25/see-many-californians-moved-dallas-just-3-months-last-year

Mortgage Rates Retreat

MCLEAN, Va., June 21, 2018 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB:FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that mortgage rates inched back over the past week and have now declined in three of the past four weeks.

Sam Khater, Freddie Mac’s chief economist, says mortgage rates remained mostly tranquil heading into the first week of summer, declining five basis points to 4.57 percent. “After a sharp run-up in the early part of 2018, rates have stabilized over the last three months, with only a modest uptick since March,” he said. “However, existing-home sales have hit a wall, declining in six of the last nine months on a year-over-year basis.”

Added Khater, “This indicates that persistently low supply levels, and not this year’s climb in mortgage rates, are handcuffing sales – especially at the lower end of the market. Home shoppers can’t buy inventory that doesn’t exist.”

News Facts

30-year fixed-rate mortgage (FRM) averaged 4.57 percent with an average 0.5 point for the week ending June 21, 2018, down from last week when it averaged 4.62 percent. A year ago at this time, the 30-year FRM averaged 3.90 percent.
15-year FRM this week averaged 4.04 percent with an average 0.4 point, down from last week when it averaged 4.07 percent. A year ago at this time, the 15-year FRM averaged 3.17 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.83 percent this week with an average 0.3 point (unchanged from last week). A year ago at this time, the 5-year ARM averaged 3.14 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

http://freddiemac.mwnewsroom.com/press-releases/mortgage-rates-retreat-otc-fmcc-gnw_2375166_001