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South Florida

Miami No. 1 in all-cash home purchases

Miami is the top city for all-cash home purchases, according to a report today on Cribsuite.com, which cited the latest Confidence Index from the National Association of Realtors.

More than 64 percent of home sales in the Miami metro area were bought in all-cash transactions during the second quarter of this year. That figure tops all major metro areas in the county.

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As is typical of areas where all-cash home purchases are prevalent, the housing market in the Miami metro area has been relatively distressed.

More than 10 percent of property sales in the area in July were short sales — among the higher rates in the U.S. The median list price for this region was $225,000. [Cribsuite.com] – Jennifer White Karp

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Cash SalesMiamiNational Association Of Realtors