Florida Leads in All-Cash Home Buying; One City Claims the Top Spot

Nearly 30% of U.S. homebuyers paid in cash this August, about the same as last year, according to a Redfin analysis of sales across 40 major metros. Meanwhile, rising affluence among buyers pushed the typical down payment to a record $70,000.

Florida Leads the Nation in All-Cash Purchases, Miami in Top Three

Florida is topping all-cash purchases among other states, says the analysis. West Palm Beach saw the highest share of cash purchases, with 43.4% of homes sold without a mortgage. This was closely followed by Cleveland with 42.1% and Miami with 39.2%.

On the other hand, cash purchases were the least common in some of the expensive West Coast cities. That included Oakland at 18.8%, San Jose at 19.1%, and Seattle at 20.5%.

According to the Redfin analysis, the number of cash buyers has gone down from its peak, which was 35% two years ago. That peak occurred when mortgage rates topped 7%. With rates easing to around 6.3% this year, more buyers have opted to finance their purchases…

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