Homeowners who sell in an overheated real estate market face a conundrum. Even though they often sell their homes for more than they ever imagined, they then struggle to find an affordable place to move.
But those questions have created a boom for small cities. Mortgage originations, or measure of completed mortgage loans, in smaller metros saw a jump in the first quarter, according to data from ATTOM Data Solutions, as homeowners cash in their houses and trade for more space and better remote working conditions.
The five cities that saw the largest number of mortgages originated for purchase included Sioux Falls, South Dakota, Honolulu and three locations in the Southeast.
“Rents are back up in many of these metropolitan areas,” said Todd Teta, chief product officer at ATTOM Data Solutions.
Cities with populations larger than 1 million that saw the biggest…