Florida Home Buyers Paid Cash in 64% of Sales, Highest in U.S.Toluse Olorunnipa
Buyers paid cash for about 64 percent of homes purchased in Florida between January and March, the highest rate in the U.S., according to a report released today.
Florida was home to the top five metropolitan areas with the highest percentage of all-cash home sales, according to the report by RealtyTrac, a property-data firm in Irvine, California. In Miami, for example, 67 percent were purchased using cash. Nationwide, 43 percent were, RealtyTrac said.
Cash buyers are driving a rebound in the Florida housing market, where the value of taxable property is forecast to rise more than 0.8 percent this year, according to a state forecast.
Bonds from Florida issuers gained 4.9 percent this year through May 6, trailing the 5.1 percent gain in the broader $3.7 trillion municipal market, according to Standard & Poor’s Dow Jones Indices.