The Real Deal Miami

Miami-Dade cash sales fall during June

Newly constructed homes had the least cash buyers
A bird's-eye view of North Beach, taken from the Akoya Condominiums in 2008 (Credit: Marc Averette)

A bird’s-eye view of North Beach, taken from the Akoya Condominiums in 2008 (Credit: Marc Averette)

Miami-Dade County, once the king of cash sales throughout the country, saw another month of declining hard-currency deals during June.

Of all the county’s home sales in June, 53.5 percent were paid in cash. That figure has decreased 5.4 percent year-over-year, according to a new report from CoreLogic.

Most of those cash deals are accounted for by resales, which made up roughly 83 percent of all home transactions in Miami-Dade during June. About 30.8 percent of the county’s resales were all-cash that month.

Lender-owned properties reported the highest share of cash deals during June, standing at roughly 57 percent. However, those sales made up only 6 percent of the county’s total transactions.

Cash buyers were scarce for new-construction homes, with only 15.6 percent of June’s transactions paid without financing — though that could be due to rising construction costs and home prices.

Out of all the country’s metropolitan areas, West Palm Beach reported the highest share of cash deals at 55.5 percent. Behind West Palm is Philadelphia with 55.1 percent, Sarasota with 54.5 percent, Miami with 53.5 percent and Detroit with 52.9 percent.

Nationally, cash deals fell from 33.9 percent in June 2014 to 31.3 percent this June. The country hit its peak for cash sales in January 2011, when they made up 46.5 percent of all home transactions.