Increasingly, if you want to buy a home in America, you need to bring cash to the table.
“Cash buyers — many, but not all of whom are investors — are in a position of competitive advantage in today’s higher interest rate environment and will continue to account for a higher-than-usual share of market at least until mortgage rates dip back down a bit,” Sharga said in a release announcing the findings. “With affordability a problem for many buyers, especially first-time buyers, it wouldn’t be a surprise to see the percentage of cash purchases actually increase in 2023.
Median home prices rose in all but two of the 157 metro areas tracked by ATTOM as part of the report. The five biggest year-over-year median price increases were all in Florida. Naples had the biggest single-year price increase at 26.9%.
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