by Catherine Reagor - Jun. 2, 2010 12:00 AM
The Arizona Republic .
There's a shift in who is investing in metro Phoenix homes. Californians are no longer the region's biggest group of out-of-state buyers.
Now, the dominant group of out-of-state buyers is from outside the country. Canadians bought 405 Phoenix-area houses in April, according to the Information Market. About one-fourth of the people who bought homes in metro Phoenix during April weren't from Arizona.
Californians purchased 368 Phoenix homes. Buyers from Washington state were third with 146. More people from the Midwest are also investing in the Valley. Residents of Illinois, Minnesota, Wisconsin and Iowa bought a total of 332 homes.
Information Market analyst Tom Ruff believes the new makeup signals an important change. Californians have long led the pack for buying Valley homes, and investors from that state are often speculating on the Arizona market.
But Ruff believes Canadian and Midwestern homebuyers are less speculative and will hold onto homes they purchase in metro Phoenix for much longer than Californians.