04/13/2024
🤑CA$H Crushes High Interest Rates: Florida Cities Lead in All-Cash Purchases💸
By: Amy Connolly
Redfin reports over one-third of U.S. home purchases in February were all cash – close to the record high. Florida saw big increases in year-over-year all-cash purchases.
SEATTLE – Six Florida metro areas lead the nation in all-cash home purchases, possibly highlighting the impact investors are having on the state’s housing market.
Jacksonville, West Palm Beach, Fort Lauderdale, Miami, Tampa and Orlando account for six of the top 12 metro areas in the United States that have home purchases made in cash, according to new Redfin research. Redfin defines an all-cash home purchase as one with no mortgage loan information on the deed.
Share of homes purchases made with cash:
Jacksonville: 54.4%
West Palm Beach: 53.4%
Fort Lauderdale: 46.2%
Miami: 44.0%
Tampa 42.8
Orlando: 40.1%
Investors aren’t the only reason accounting for the increase in all-cash purchases, Redfin said. Some buyers, flush with cash from equity from a previous home sale, are paying in cash to ease the sting of higher interest rates.
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