Photo: John Salvino via Flickr
Many Americans still are holding off on buying homes in some of the country’s most expensive cities.While home prices fell 23% on average in the largest cities since the housing crisis began, for many home buyers the drop was not enough.
Based on a new report released by Trulia, 24/7 Wall St. identified the 10 metropolitan areas to which no one wants to move.
See The 10 Cities At 24/7 Wall St. >
Trulia ranked the 100 largest metropolitan areas by their Metro Movers ratio, which measures homebuyer activity and interest in metropolitan areas. The ratio compares the number of online searches of local residents looking to buy elsewhere to the number of out-of-town homebuyers looking for real estate in the area. According to the report, a ratio of two means that there are twice as many home searches by people looking to move in than to leave. For the cites no one wants to move to, twice as many people searching online are looking to leave the area than looking to move to the region.
The cities that attract few buyers experienced modest home price declines since the recession began, especially relative to their high home value. As a result, home prices in these areas are forecast to decline further, and homebuyers are waiting until they do.
All of the 10 cities no one wants to move to have among the most expensive homes in the country. Newark and Bethesda, two cities with twice as many people looking to leave as looking to move in, have among the top 10 highest median home values in the country. Home prices in these cities declined at just the national average, and next year, they are projected to decline more.
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