Last week, Corelogic, a California-based research firm, announced that Florida ranked first in the nation in cash home sales in June. Cash transactions accounted for 51 percent of all the state’s closings.
The researched showed that cash deals accounted for 58.7 percent of home sales in the Miami-Miami Beach-Kendall area. In comparison, the national average for cash sells is reported to be 33 percent, the lowest level since 2008.
On a more micro-level, I can tell you that cash transactions remain very prevalent in the affluent markets of Coral Gables and Coconut Grove. I suspect we’ll continue to see this trend the remainder of the year, if not into 2015.
For a detailed view of the report, read Corelogic’s findings.