People are moving less—but the moves that happen still move prices

New Bank of America Institute data suggests U.S. mobility is still trending down, and the slowdown is most pronounced for longer-distance moves. Local moves (within the same metro) have been more resilient than moves to a different city/state over the past couple of years.

That said, out-of-state inflows can still matter a lot in specific markets. Recent reporting highlights how in-migration from high-cost areas into certain destinations can add demand on top of already-tight housing supply, which can show up as faster home price and rent growth locally.

Takeaway for buyers/investors: watch net inflow metros and submarkets (not just state-level headlines). Even if national mobility is cooling, concentrated migration can still shift pricing power neighborhood-by-neighborhood.