Miami king of cash sales during September: report

Miami /
Dec.December 21, 2015 10:30 AM

Despite months of shrinking activity from all-cash buyers, Miami-Dade County had the most cash sales of any other region in the country during September.

Among all the county’s home purchases that month, 50.8 percent were completed without financing, according to a new report from analytics firm CoreLogic.

That makes Miami-Dade the most cash heavy market in all the United States — for September, at least. Close behind was Palm Beach County with a 50.6 percent ratio of cash sales, Philadelphia with 48.9 percent and Broward County with 47.9 percent.

For the past several months, cash sales in Miami-Dade have been steadily falling. That could be chalked up to a strengthening housing market flushing out distressed and foreclosed properties, which are most commonly bought in cash.

During September, 58.3 percent of lender-owned properties in Miami-Dade were bought in cash — but those properties only made up 6.4 percent of the county’s home sales.

Resales have the biggest impact on the county’s share of cash sales, as they represented 81 percent of all home sales during September. About 32 percent of those sales were done without financing.

As a whole, Florida still ranks highly for cash sales compared to the rest of the country. The state saw 45 percent of its home sales made in cash in September, falling behind only West Virginia with 46 percent and Alabama with 48 percent.

Nationwide, nearly 36 percent of all home sales in September were completed without financing. That figure has fallen 3.4 percentage points since September of 2014, and it has continued decreasing since the nation’s peak of 46.6 percent during the depths of the housing crisis in January 2011. — Sean Stewart-Muniz


Related Articles

arrow_forward_ios
From left: 1840 South Ocean Boulevard, 1341 South Ocean Boulevard and 2000 South Ocean Boulevard
These were South Florida’s largest resi sales of 2021
These were South Florida’s largest resi sales of 2021
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Michael Stern accused of “duping investors” in Monad Terrace project
Michael Stern accused of “duping investors” in Monad Terrace project
Michael Stern accused of “duping investors” in Monad Terrace project
PE firms LarrainVial, DaGrosa Capital invest in Miami real estate companies
PE firms LarrainVial, DaGrosa Capital invest in Miami real estate companies
PE firms LarrainVial, DaGrosa Capital invest in Miami real estate companies
Luxury car tycoon pays $7M for manse in Aventura’s Island Estates
Luxury car tycoon pays $7M for manse in Aventura’s Island Estates
Luxury car tycoon pays $7M for manse in Aventura’s Island Estates
AIMCO founder Terry Considine and a rendering of the Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Aventura Mayor Enid Weisman (Facebook via Weisman, Getty)
Aventura votes to require HOAs to submit critical reports within 48 hours
Aventura votes to require HOAs to submit critical reports within 48 hours
arrow_forward_ios

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

Loading...