Cash Nearly a Quarter of all Home Sales
The National Association of Realtors recently reported that cash composed 23% of all sales in January. Of those all-cash buyers, 59% of them were investors, whose buying activity comprised 15% of the cash sales total. Interestingly, 57% of the all-cash buyers were foreigners. The data was part of the January 2017 NAR’s Confidence Index Survey Report, a monthly survey about their sales activity and local market conditions.
“Buyers of homes for investment purposes, distressed sales, second homes, and foreign clients are more likely to pay cash than first-time home buyers. As the shares of investment and distressed sales have declined, so has the share of cash sales.”
Click here to read the full report at the NAR’s Economist’s Outlook Blog.