Source: Insider —
Investors are retreating from pandemic boomtowns like Phoenix, Arizona and Las Vegas, Nevada as home prices continue to fall in those markets, according to a new analysis from real estate brokerage Redfin.
Overall, investors purchased $42.4 billion worth of homes nationwide in Q3, which is down more than 26% from a year ago and more than 30% below the $61 billion total that investors spent in Q2 2022, Redfin found.
Phoenix led the nation with a staggering 49% decline in investor activity in Q3, followed by Portland, Oregon and Las Vegas, which saw their investor activity drop by 47% and 45%, respectively. The new numbers are a stark contrast to investor appetite a year ago, when real estate investors were breaking records for the number of home purchases they were making.
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