South Florida Real Estate Market Led the Nation in Cash Sales
October 28, 2015
Real estate cash sales in July may have been down nationwide, but South Florida cities did not notice the drop.
Of America’s 100 biggest metro areas, Florida is home to all five markets with the greatest percentage of July cash sales:
West Palm Beach – Boca Raton – Delray Beach area at 53.2%
Miami-Miami Beach-Kendall at 52.5%
North Port-Sarasota-Bradenton at 50.1%
Fort Lauderdale-Pompano Beach-Deerfield Beach at 48.4%
Cape Coral-Fort Myers at 47.9%.
According to an email link generated by FloridaRealtors.org, cash sales made up 30.8% of all home sales nationwide in July, down from 34.2% the same month a year ago. This is the 31st year-over-year monthly drop in a row.
REO properties accounted for 56% of all cash home purchases. Resales and short sales made up about 30.2% and 28%. All-cash sales of new homes made up 15.6% of the total sales volume.