Miami-Dade cash sales fall during June

Miami /
Sep.September 29, 2015 02:15 PM

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.


Related Articles

arrow_forward_ios
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
Gables Town Colony apartment complex, Sue Ansel of Gables Residential
Gables Residential scores $85M loan for Boca Raton apartment complex
Gables Residential scores $85M loan for Boca Raton apartment complex
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya
Nuveen pays $103M for West Palm luxury apartments
Nuveen pays $103M for West Palm luxury apartments
Edmund Ansin and the property (Credit: Google Maps)
Billionaire TV family sells Miramar property to Florida Crystals
Billionaire TV family sells Miramar property to Florida Crystals
Toscana apartments and Juan Porro of FCI Residential
Florida Crystals sells Margate rentals for $60M
Florida Crystals sells Margate rentals for $60M
From left: Andrea and Renzo Rosso
Diesel family dishes on Wynwood condo project
Diesel family dishes on Wynwood condo project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...