Fewer South Florida homebuyers paid cash in the third quarter of 2016, though sales without a mortgage are hardly drying up, a new report shows.
In Palm Beach, Broward and Miami-Dade counties, 46 percent of all home and condominium sales involved cash — down from 52 percent a year ago and 58 percent in the third quarter of 2014, according to ATTOM Data Solutions. The real estate research firm in Irvine, Calif., said 46 percent was the lowest in South Florida in eight years.
Still, only Raleigh, N.C., had a higher percentage of cash sales (52 percent) in the third quarter than South Florida, the report shows. Nationally, 26 percent of home and condo sales didn’t involve a mortgage.
During the housing bust, investors paying cash swooped into South Florida to take advantage of huge price cuts. Cash sales peaked at 72 percent in the first quarter of 2011, but the real estate recovery that began in 2012 ultimately chased many investors from the market, said Daren Blomquist, a vice president of ATTOM Data.