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One in 4 Units Nationwide: Cash Sales Are on the Rise
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.
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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.
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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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