Sales data released yesterday by the National Association of Realtors showed a clear pattern--the states with the biggest drops in home sales were the ones who've seen the steepest price appreciation over the past few years. This data jibes with another report on migration that caught my eye this week. Milken Institute data shows that the states with the largest losses of residents are also those with the highest home prices. The five states with the largest out-migration were California, Illinois, New York, New Jersey and Massachusetts. I was surprised to see cities such as Los Angeles, New York, San Francisco and Boston actually losing hundreds of thousands of residents to other states. Granted, newborns and immigration from other countries continues to keep populations in those cities rising. But many people seem to be voting with their feet and moving to where the housing is more affordable.
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