In case you needed more evidence of how intense the current housing market is, cash sales are shooting up.
One in four homes sold nationwide in April were all-cash transactions, per a new National Association of Realtors survey. The share was 15% in April 2020 and 20% in April 2019.
Cash sales are giving non-first time buyers a leg up against first-time buyers who may otherwise be hoping to take advantage of low interest rates. In fact, 33.5% of non-first time buyers in April 2021 purchased homes in all-cash transactions, compared to 26.3% in April 2019. In contrast, only 6% of first-time buyers made an all-cash home purchase in April.
About 15% of cash buyers in April were acquiring their primary residence, an increase from 12% in April 2018 and 2019. Meanwhile, 61% of vacation homes purchased this past April were all-cash transactions.
This article originally published at https://dc.urbanturf.com/articles/blog/one-in-4-units-nationwide-cash-sales-are-on-the-rise/18307.
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