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Cash deals are up in real-estate markets throughout the country, but that's not because prospective homebuyers are shunning mortgages and deciding instead to buy houses without financing. It's because those very buyers who rely on mortgages are choosing to take a back seat and wait until rates come down.
, real-estate appraiser and founder of appraisal firm Miller Samuel, told Insider."It disproportionately enlarges the share of cash buyers making it look like more cash buyers are coming into the market."experienced a small uptick Real-estate markets from Orange County, California, to Miami Beach, Florida, are experiencing similar surges in cash purchases. In Orange County, Miller Samuel found that 44.3% of home purchases in the first quarter of 2023 were made in cash, compared with 43.7% in the same period the year before. In Miami Beach, 65.8% of home purchases were made in cash in the first quarter of 2023, compared with 63% the year before.
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