Florida continues to be the state with the highest share of cash sales even though fewer buyers are paying all cash for real estate in the USA.
According to the National Association of Realtors (NAR), the percentage of cash sales now matches the lowest share since 2009, comprising 22% of existing-home sale transactions in June. A year ago, this figure stood at 32%.
However, Florida remains in the lead when it comes to all-cash sales nationwide. In addition to investors, the state’s status as a retirement destination also boosts its cash sales, according to a report on the Florida Realtors’ website.
Quoting figures from property data analysts CoreLogic, it is evident that the number of all-cash sales is receding, having reached its peak in January 2011 at 46.5% of total home sales nationally.
According to CoreLogic, the following states had the highest share of cash sales in May 2015: Florida (47.8%), New York (45.8%), New Jersey (45.8%), Alabama (44.2%) and Michigan (38.4%).
On a metro level, the cities with the highest share of cash sales in May were: West Palm Beach-Boca Raton-Delray Beach, Florida (58.1%); North Port-Sarasota-Bradenton, Florida (55.9%); Cape Coral-Fort Myers, Florida (55%); Detroit-Dearborn-Livonia, Michigan (54.6%); and Miami-Miami Beach-Kendall, Florida (54.6%).