Nearly 90 Phoenix homes sold for $100,000 over the listing price in first six weeks of 2022. During the same period in 2021 there were only 11 transactions of $100,000 above the asking price. One reason for the increase is that non-primary buyers accounted for 36% of all home purchases in February, and 29.2% of all sales were cash. These buyers are aggressive and are more than willing to offer over list price and engage in bidding wars to get what few homes are available.