MARKET UPDATE
Listings Tick Down Further as Median Prices Hold After Rising
TRENDING REAL ESTATE NEWS
Half of All Buyers Are First-Timers in 2023
First-time homebuyers make up 50% of all homebuyers in 2023, according to the latest Consumer Housing Trends Report from Zillow. They made up 45% of buyers in 2022 and 37% in 2021.
This is likely due in part to the fact that a majority of current homeowners have mortgage rates under 5% and simply aren’t looking to re-enter the market. Zillow found that these homeowners are half as likely to consider moving than first-time buyers.
Californians Make Up Nearly a Quarter of New Phoenix Residents
The California-to-Texas migration has been well documented over the past several years as Golden State residents flock to cheaper markets. But did you know that Arizona is also one of the top migration destinations for Californians?
According to moveBuddha, Californians made up nearly a quarter of all migrants into Phoenix between 2016 and 2020, as well as 20.3% in Tucson. The American Community Survey from the U.S. Census Bureau shows that approximately 64,000 Californians moved to Arizona each year during that same time frame. Washington, Arizona’s second-highest filter state, only sent about 17,000 new residents annually.
