As mortgage rates tick upwards again and competition heats up, the share of homebuyers paying all cash has risen to its highest level in nearly a decade.
What the data says
A new report from Redfin finds that 33.4% of buyers paid cash for their homes in April, meaning that they did not borrow money to buy the house, compared with 30.7% during the same month last year. April’s reading is comparable with the 33.5% reading in February — the highest share of all-cash purchases in nine years.
The real estate brokerage analyzed data from the 40 largest cities in the United States from 2011 through April 2023. It considered a home purchase to be “all cash” if there was no mortgage information on the deed for the property.
Why it matters
Redfin’s analysis attributes the uptick to…
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