Californians Buying Up Arizona Homes

Californians are buying up Arizona homes and resale prices are soaring...

The Phoenix Business Journal reports that a new survey confirms that Californians make up a large number of new home buyers here. The survey was prepared by Marketing Solutions in Las Vegas for Southwest Gas, and showed that 24% of all buyers in metro Phoenix came from California; slightly more than 4% of the sales were to investors; 50% of the investment sales were to Californians; the median age of buyers was 47 and the median price of a new home was $230,000. The report also showed that more than 68% of those who bought homes over $300,000 are baby boomers born between 1946 and 1964. More...

This shows that California residents are and will continue to be one of our biggest contributors to our hot housing market.