REALTOR® Magazine | Melissa Dittmann Tracey
Home buyers who paid cash accounted for 32% of home sales in January, marking the highest rate since 2014, the National Association of REALTORS® reports. Many leveraged the equity from a prior home sale.
Vacation-home buyers and real estate investors made up the bulk of all-cash buyers over the last six months, according to NAR. However, in the last two years, more buyers purchasing a primary residence are using cash as well,” NAR Deputy Chief Economist Jessica Lautz says on the association’s Economists’ Outlook blog.
“These housing consumers owned a home, sold it and then they could purchase their next property without a mortgage,” Lautz says. “The freedom to make this purchase was likely due to the large amount of housing equity they have earned as home prices have increased in recent years.”
Read the full article: Share of Cash Buyers Surges to Decade High
