April of 2009 was one of the busiest months ever in the Phoenix real estate market, spurred by low prices and low interest rates the market went from ice cold earlier this year to as hot as the Phoenix summer in April.
It seemed just a few months ago we were talking about how the Phoenix housing market was in trouble, with over a year’s worth of inventory it could take years to bounce back. Year’s has turned into months as there is now just over three months supply of houses on the market, and less than one month supply of foreclosures.
So what happened to spur on the market? Investors came out of the woodworks as they say a great opportunity to buy houses at what appeared to be the bottom of the Phoenix housing market. But investors were not alone. First-time home buyers did not want to get left in the dark and they jumped in both feet too.
According to a recent article in the Arizona Republic, first-time home buyers are the fastest growing group of home buyers in the Phoenix area. Some believe that first-time home buyers will soon make up almost half of the buyer’s in the Phoenix housing market.
