Fewer out-of-state buyers in Phoenix housing market
Oct 9, 2015, 5:52 AM
(AP Photo/Bill Sikes, File)
(AP Photo/Bill Sikes, File)
PHOENIX — There has been less action in the Maricopa County housing market as of late from out-of-state buyers.
Less than 14 percent of all homes bought in the county in August were purchased from owners outside Arizona, nearly 3 percent lower than August 2014 and the lowest number since September 2008.
In recent years, many of those buyers have been Canadians. But with a stronger U.S. dollar, homebuying has become more expensive for those north of the border.
Michael Orr with the WP Carey School of Business at Arizona State University said more Canadians are now selling their Valley homes. Orr said the rebounding Arizona housing market has also made it harder for investors.
“Their objective is to buy homes at bargain prices,” he said. “They can still do that, but it’s a lot harder work, so the volume goes down.”
Californians continue to remain the largest group of out-of-state home buyers in Maricopa County, followed by Colorado, Illinois and Washington.
For those looking to buy in the Valley, Orr said more homes should be on the market in the next six to eight weeks.
