Real Estate Strong as People Move Back to Cities

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Sotheby’s International Realty CEO Philip White said people are moving back to cities after a migration away from them during the initial part of the pandemic, according to Bloomberg.

He said he’s “never seen [the market] any stronger than this,” in a video on the news website.

“We’re seeing a resurgence of people moving back into the cities [and] looking at properties there,” he said. “On our website alone, searches in San Francisco are up 200%. They’re up 173% in Manhattan. So, we’re just seeing a resurgence there across the board — Los Angeles as well. We’re not seeing the migration out of New York City, which we did see to some degree last year.”

He said home sales had unexpectedly fallen for the second consecutive month, with limited inventory and high prices making them less attractive to buyers.

“I think about the market,” he said. “… I think about the low interest rate, the great job the Fed has done, which…

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