Who's Buying Up All The Arizona Homes

Californians are buying up Arizona homes and causing resale prices to soar.

The Phoenix Business Journal reports that a new survey has confirmed that Californians make up a large number of new home buyers here. The survey was prepared by Marketing Solutions out of Las Vegas. The survey reports that:

1) 24% of all buyers came from California
2) Slightly more than 4% of the sales were to investors
3) 50% of the investment sales were to Californians
4) The median age of buyers was 47, up from the median age of 41 in a similar survey six months ago
5) The median price of a new home was $230,000, up from $192,786 in a earlier survey

The survey also reported that 68% of those who bought homes over $300,000 in price from March to June of this year were baby boomers. More...