Cash Sales Dropping Around the Country, Still High in South Florida

According to RealtyTrac’s Midyear 2015 U.S. Home Sales Report, investor activity seems to be cooling off around the country, with distressed sales, cash sales, and institutional investor sales in June down from year-to-year. Down from 24.7% in May and from nearly 30% in June 2014, all-cash buyers accounted for 22.9% of all single-family home and condo sales last month, making it the lowest level of cash buying since August 2008.

So who’s picking up the slack?

The report is also showing owner-occupant buyers using FHA financing has increased year-to-year, reaching a 2-year high in the second quarter of this year. Excluding cash sales of course, buyer using FHA loans accounted for 23% of all single-family and condo sales over in the 2nd Quarter of 2015, the highest percentage since the first quarter of 2013.

But while the number of cash buyers has faded nationwide, Florida metros still top the nation with the highest share of cash sales, with area’s like Homosassa Springs, Naples-Marco-Island, Miami, and Sebastian-Vero Beach seeing the highest percentages in the country.

Although Millennials are finally starting to make that transition to home ownership, South Florida still saw cash sales at a record pace in the first 6 months of 2015, setting up for what should be an interesting second half to an exciting year for Florida real estate.

Dylan Snyder is a seasoned real estate professional serving the Jupiter real estate market, Palm Beach real estate market, Palm Beach Gardens real estate market, North Palm Beach real estate market, and the surrouding Palm Beach County area. Along with being a top producer in Jupiter real estate, Dylan's professionalism and expertise in luxury and waterfront real estate sets him and his team of real estate experts apart from the competition. For more information on Jupiter and Palm Beach real estate for sale, contact Dylan at (561) 951-9301.

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