The housing market continues to be tight especially here in the Phx area as families are coming to valley.
Investors are draining an increasingly large share of American homes from the market, leaving traditional homebuyers with fewer options, at higher prices, Matt writes.
Why it matters: Homeownership is the single most important way Americans build wealth. Families are now increasingly facing off with cash-rich institutional investors bidding for houses, as they try to climb onto the property ladder.
Driving the news: The share of American homes sold to investors hit a record high of 18.4% in the fourth quarter of 2021, according to a recent report from real estate firm Redfin.
These investors bought roughly 80,000 homes worth $50 billion during the last three months of the year.
Worth noting: Investors are an especially heavy presence in markets that have seen some of the highest price spikes in the country.
Axios Markets By Matt Phillips and Emily Peck ·Feb 18, 2022