Homebuyers using conventional mortgages outnumbered cash purchasers in metro Phoenix during March.
It’s the first time in four years that cash buyers haven’t dominated the region’s homebuying market, according to the latest Wilcox Report.
Last month, 2,188 houses were purchased with home loans, compared with 2,144 bought with cash.
Fletcher Wilcox, real-estate analyst with Grand Canyon Title Agency, said the gap between cash purchases and conventional-loan purchases had been narrowing in recent months. Most cash buyers are investors, and investment activity has been slowing as metro Phoenix’s foreclosures fall and home prices climb.
Read more: Home buyers paying cash declining in metro Phoenix | Insiders
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