By Catherine Reagor | Arizona Republic
Metro Phoenix’s median home price hit a record $450,000 in February — and likely soared to $455,000 in March.
Many homebuyers, particularly first-timers, can’t get a break from the Valley’s rising home prices.
Buyers who plan to rent out the homes or just live in them part time are driving the Valley’s housing market to a frenzy.
Those non-primary homebuyers were behind 36% of all home sales in February, according to the latest research from the Arizona Regional Multiple Listing Service’s Information Market group. And 29% of those buyers paid cash.
