Redfin's recent report on home purchases reveals that 32.6% of buyers used cash in 2024, marking a decline from 35.1% in 2023. This represents the lowest rate of cash transactions in the past three years. Despite this decline, all-cash purchases have remained more prevalent than pre-pandemic levels. Redfin attributes this trend to a lesser presence of real estate investors and highlights that wealthier Americans are still more likely to make cash purchases. The report also notes that Florida had the highest all-cash purchase rates across various metro areas in 2024.
In 2024, 32.6% of homebuyers purchased homes with cash, the lowest level in three years, indicating a decline in cash purchases amid rising home prices.
Despite the decline in cash sales, wealthier Americans continue to dominate cash purchases within the high-cost housing market, according to Redfin's findings.
Redfin forecasts that the share of all-cash purchases is unlikely to fall below current levels unless mortgage rates significantly decrease to stimulate sales.
Florida led the nation with the highest rate of all-cash purchases in 2024, showcasing a trend where wealthier buyers flock to afford costly properties.
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