Nearly one-third (31.4%) of U.S. home purchases were paid for with all cash in July, according to a new report from real estate brokerage Redfin.
And while high mortgage rates have brought balance to the market, this move comes at a high price for both buyers and sellers.
"The rapid climb in months of supply shows how quickly sellers lost their grip on the market as mortgage rates shot up to 6%, making homes unaffordable to many buyers," according to the report.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
