It may appear that investors are driving the housing market now due to the frenzy in the lower end of the market. But almost 90% of the people who bought homes in the Valley of the Sun in July and August of 2020 were owner occupants or second home buyers. During the housing boom of 2004-06, investors bought as much as 40% of all metro Phoenix-area home sales. Except for the lower price ranges where investors are desperate for inventory, that has changed, with the 82% rate of owner-occupied home sales the highest since at least 2012.