Los Angeles metro area average home price up $25,000 from April 2023 to May 2023.
1/3 of home buyers are paying in cash – who are they?
Redfin found that 33.4% of buyers opted for an all-cash deal in April, the highest that mark has been since 2014.
Baby Boomers make up the largest share of those buyers with more than half of people age 58 to 76 paying in all-cash.
“Homeowners have really been the winners in that scenario … they have equity and are able to make a move with paying all cash,” Jessica Lautz, National Association of Realtors deputy chief economist and vice president of research, told Nexstar.
Another trend that stood out in the data – single women are the most likely to pay in all-cash, Lautz found.
28% single women
27% married couples
20% single men
20% unmarried couples
When it comes to the race of all-cash buyers, Lautz found that 23% were white/Caucasian, 15% Black/African-American, 8% Asian/Pacific Islander, and 8% Hispanic/Latino.