Cash home sales are declining in South Florida, but the region still leads the nation in such transactions, a new report from Zillow shows.
Homebuyers in the tri-county area paid in cash about 65 percent of the time during the first quarter of 2014, down from 68 percent during the first three months of 2013. Miami-Dade, Broward and Palm Beach counties had more than 71 percent of residential sales paid for with cash in early 2012. That was a record for the region.
Cash sales declined in 104 of the 126 metro areas covered by Seattle-based Zillow.
“Even as the share of all-cash sales falls in many areas, it’s pretty clear that cash is still king, especially at the lower end of the market,” Zillow Chief Economist Stan Humphries said, as cited by the Palm Beach Post. “Housing is much more than an investment for most buyers, and it’s heartening to see more buyers armed with traditional financing begin to enter the market. This is a critical step on the way back to a more normal, balanced housing market.” [Palm Beach Post] — Eric Kalis