Phoenix Housing Market Booms as Migration from California Continues

Phoenix was the most popular migration destination in the second quarter of 2021 for users of Redfin.com, a technology-powered real estate broker, who were looking to move to a different major city. 

In Phoenix, institutions or businesses that purchase residential real estate, known by Redfin as investors, purchased 24.5% of homes sold in the second quarter of 2021. Redfin said that out of the 41 U.S. metropolitan areas analyzed, Phoenix had the highest percentage of home purchases by investors. The Valley was followed closely by Miami, Atlanta, Charlotte, North Carolina, and Las Vegas.

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