0959 ET - In 2024, 32.6% of U.S. home purchases were all-cash, down from 35.1% in 2023, marking the lowest since 2021, according to Redfin. Despite the decline, this figure exceeds pre-pandemic levels of 25% to 30%. Redfin analyzed data from 40 major U.S. metros since 2014, defining cash purchases as those without mortgage details on the deed. The drop is linked to fewer home buys by investors, who often pay cash. Expensive housing markets favor wealthier cash buyers. Unless mortgage rates drop significantly, the share of cash purchases isn't expected to decrease much in 2025. Florida, especially West Palm Beach with 49.6% cash deals, led in cash transactions. (chris.wack@wsj.com)
(END) Dow Jones Newswires
February 18, 2025 09:59 ET (14:59 GMT)
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