While many people take out a mortgage to buy a home, some homebuyers use cash to make their purchases.
The share of homes bought with all cash varies from state to state, with some states standing out as seeing the largest percentages, according to a recently released analysis by New American Funding.
Putting in all-cash offers on a house can “help buyers stand out in multiple-offer situations” as well as lead to a quicker closing, according to the mortgage lender.
LOOKING TO PURCHASE A HOME AND LIVE IN THESE AREAS? THEY REQUIRE THE HIGHEST INCOME
New American Funding said it analyzed data about 2024 home sales from ATTOM to craft its list, “Top 10 States for All-Cash Home Sales.”
According to the company, here are the top 10 states with the highest percentage of homes bought with all-cash.
West Virginia: 41.1%
New York: 40.4%
Delaware: 38.9%
Georgia: 37.5%
Alabama: 36.7%
South Carolina: 35.2%
North Carolina: 34.3%
Louisiana: 34.1%
Maine: 33.4%
Ohio: 31.5%
Last year, homebuyers nationwide used all-cash to buy homes in more than a quarter of home transactions, New American Funding reported, citing ATTOM.
HOUSING GETTING MORE AFFORDABLE FOR MIDDLE-INCOME EARNERS BUT SUPPLY ISSUES REMAIN
The median sale price of a home hit $438,466 as of April, according to a separate report from Redfin.
It represented a 1.8% increase from March and a 1.4% increase from April of last year, it found.
In April, more than 1.9 million homes were on the market on a seasonally adjusted basis, according to Redfin.
AMERICA’S HOUSING CRISIS: REALTOR.COM CEO SAYS THERE IS A WAY TO SOLVE IT
Read the full article here
