More Buyers Pay in Cash in These Cities
September 24, 2015
Miami, New York, and Las Vegas are posting the highest share of cash sales nationwide, according to RealtyTrac's August 2015 Home Sales Report.
NAR's latest housing report: Existing-Home Sales Stall in August
RealtyTrac reports that cash sales comprised nearly 24.5 percent of all single-family home and condo sales in August, slightly up from a seven-year low of 23.6 percent in July. Still, cash sales are down from 26.7 percent of all sales a year ago and are significantly lower than their 39.6 percent peak in February 2013.
The following metro areas with at least 1 million in population had the highest share of cash sales in August:
- Miami: 48.7%
- New York: 44.7%
- Las Vegas: 42.2%
- Raleigh, N.C.: 39.6%
- Tampa, Fla.: 37.6%
Cash sales tend to be driven by investors. Sales of homes to institutional investors — those who purchase at least 10 properties during a year — accounted for 1 percent of all single-family home and condo sales in August, down from 3.2 percent a year ago, according to RealtyTrac.
The markets with the highest share of institutional investors in August were:
- Tampa, Fla.: 4.7%
- Jacksonville, Fla.: 4.1%
- Charlotte, N.C.: 3.3%
- Buffalo, N.Y.: 2.8%
- Orlando, Fla.: 2.7%
Updated: June 27, 2019