Miami-Dade County saw yet another month of declining cash sales during August, largely thanks to a matching decline in lender-owned properties.
Out of all the county’s home transactions in August, 51.7 percent of them were done without financing. That’s a significant decrease in cash deals from August last year, when 56.6 percent of homebuyers were dropping stacks for their purchases.
(Click to enlarge) A line graph of different national home markets and their share of cash sales
Despite the decline, Miami-Dade’s share of cash sales still sits far above the national average of 31.7 percent. The country as a whole is seeing fewer of these deals as the housing market recovers — the national rate 3.2 percent in August as well.
The breakdown for Miami-Dade’s cash sales in August are as follows: 57.9 percent of all lender-owned sales in August were cash. The resale market had 31.1 percent of its deals done with no financing. Short sales, where homeowners are under stress to sell, saw 29 percent of its sales made up by cash. And new construction homes, like those towering Miami Beach spec houses or new housing communities, had a 15.5 percent share of cash sales. — Sean Stewart-Muniz