Cash offers for homes are most in nearly 10 years as high mortgage rates roil market

In September, about 34.1% of home purchases in the US were all cash, which is up from the 29.5% reported a year earlier, according to data from technology-powered brokerage Redfin.

Redfin reported that all-cash purchases haven’t been this common since 2014 when affluent buyers and corporate investors led the housing market recovery after the housing bubble burst in 2008. These rates are “exacerbating inequality between people who own homes and people who don’t,” Redfin Senior Economist Sheharyar Bokhari said.

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