A new report from Redfin says in April all-cash home purchases reached their highest level since 2014 as high mortgage rates drove down overall home sales more than all-cash sales. According to their report, 33.4% of U.S. home purchases were made in cash in April, up from 30.7% one year ago. Interestingly, all-cash purchases were most common in Cleveland (OH) followed by West Palm Beach (FL) and Baltimore (MD). They were least common in San Jose (CA), Seattle (WA) and Oakland (CA).
“The average 30-year fixed mortgage rate was 6.79% at the start of June, near its highest level in 15 years. That has pushed monthly housing payments up to a record high and sidelined many would-be homebuyers, especially those who need to take out a mortgage.”
Click here to read the full report at Redfin.
