Why some Washingtonians are moving, despite higher rates

Justin Meyer bought a Hill East home in 2007 for $400,000. It just sold for $940,000 in a quick, off-market deal.

• Meyer is taking the cash, and heading to Philly to work remotely and enjoy a lower cost of living.

Why it matters: Even this housing market can't stop a Baby Boomer who's tired of cleaning an empty nest or a young family running out of bedrooms.

Zoom in: Many DMV homeowners have "gotten over" elevated mortgage rates, local agent Liz Lavette Shorb tells Axios.

• Plus, life doesn't wait for mortgage rates to drop. These DMV homeowners are selling because they have to, she says.

Yes, but: The dog days of summer are a slow time for real estate, and some sellers are hesitant to list when the buyer pool is drier, Lavette Shorb says.

The big picture: Many U.S. homeowners feel locked into their current mortgage.

• Those with a mortgage rate below 3% say their likelihood of moving in the next three years would soar from about 17% to 28% if they could keep their current loan , per recent surveys from the New York Fed.

What's next: More golden handcuffs could start to loosen. Optimism has grown that the Federal Reserve will start cutting interest rates in September, Axios' Felix Salmon reports.