The Real Deal Miami

Despite decrease, Miami-Dade still has fourth-most cash sales in nation: report

County was surpassed by Palm Beach County in February
May 20, 2016 10:35AM

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There might be fewer cash buyers in Miami-Dade in recent months, but that didn’t stop the county from having the nation’s fourth-biggest share of home purchases without financing during February.

Of all Miami-Dade’s home sales in February, 52.5 percent were made without financing, according to a newly released report from real estate research firm CoreLogic.

Although that rate has fallen by 7.2 percentage points year-over-year, it still places the county in the No. 4 spot for the highest share of cash sales.

At the top of the list was Philadelphia, Pennsylvania, which saw 54.5 percent of its home sales done without financing, followed by Detroit, Michigan, with 53.8 percent and Palm Beach County with 53.4 percent.

Resales typically have the biggest swing on cash sale percentages because they eat up the majority of the market. In February, resales made up 79 percent of all Miami-Dade home purchases, and 35.6 percent of those resales were paid for in cash.

Miami-Dade is also far above the national rate of cash sales in February of 35.7 percent, which also decreased 2.5 percentage points year-over-year. — Sean Stewart-Muniz