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All-Cash Home Sales Decline to 1 in 3

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The number of all-cash home sales declined in the third quarter of 2014, Mortgage News Daily is reporting. In the second quarter of the year, 36.9 percent of all transactions were dealt in all in cash, but that number dropped to 33.9 percent in the third.

“Cash sales continue to be an important piece of the real estate puzzle right now, representing one in every three home sales nationwide in the third quarter of 2014 and helping to drive up U.S. median home prices 38 percent over the last two and half years,” said Daren Blomquist, vice president at RealtyTrac. “As institutional investors and other cash buyers slow down their purchasing in many markets across the country, more traditional buyers – including first-time homebuyers and move-up buyers – will need to increasingly fill in the missing puzzle pieces to maintain the momentum of the housing recovery.”

Image via Flickr/401(K) 2012

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